Opec raises demand forecast for next year’s oil

Opec raises demand forecast for next year’s oil:

"Opec’s in-house analysts have sharply raised their demand forecast for the cartel’s oil in 2018, predicting a growing market deficit that will be in focus when the group’s ministers meet later this month to discuss extending supply cuts. Writing in its monthly market report, Opec said forecast demand for its oil next year had increased by almost 400,000 barrels a day from the previous month to 33.4m b/d, a level higher than the group was producing at present. Demand for the group’s crude was also revised higher by 200,000 b/d for this year, as consumption continued to exceed many analysts’ expectations and helped to draw down inventories that accumulated during the crude glut from late 2014."



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