You are here: Home » Reuters » News
Business Standard

OPEC points to 2018 oil supply deficit as market tightens

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - OPEC raised its forecast on Monday for demand for its oil in 2018 and said its deal with other producers to cut output was reducing excess oil in storage, potentially pushing the global market into a deficit next year.The Organization of the Petroleum Exporting Countries also said in a monthly report it had cut its estimate of 2018 supply from producers outside the group and said oil use would grow faster than previously thought due to a stronger-than-expected world economy.OPEC said the world would need 33.42 million barrels per day (bpd) of OPEC crude next ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Mon, November 13 2017. 18:43 IST
RECOMMENDED FOR YOU