OPEC raised global crude oil demand forecast suggests that there will be a short


The Organization of Petroleum Exporting Countries (OPEC) raised its forecast for crude oil demand for the organization in 2018 on Wednesday and said its cut-off agreement with non-OPEC producers is easing oversupply, suggesting that the market will see a shortage of supply next year Happening.

Information picture: In January 2016, Russia Kogalym, an oil field worker inspects tubing valves. REUTERS / Sergei Karpukhin
OPEC said in its monthly report that distillate stocks are low and the weather forecast shows that this winter will be colder and will provide support for the market. Cold weather will boost distillate demand.

OPEC expects next year the global demand for crude oil will be 3,306 million barrels per day, higher than the previous estimate of 230,000 barrels. This is the third consecutive OPEC increase in demand forecast in the monthly report.

The report shows OPEC officials' confidence in the cut. OPEC has not yet expected prices to rise, reporting that oil prices will remain at $ 50-55 a barrel next year. Wednesday Brent crude rose to around $ 57 a barrel.

 


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