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Opec sees higher 2018 oil demand, but raises output again

Due to rising global consumption and slower supply growth from rivals

Reuters  |  London 

Organization of the Petroleum Exporting Countries (Opec) forecast higher demand for its oil in 2018 due to rising global consumption and slower supply growth from rivals, although another jump in the group's output suggested the market will remain in surplus despite efforts to rein in production. In a monthly report on Thursday, the Opec said the world would need 32.42 million barrels per day (bpd) of its crude next year, up 220,000 bpd from the previous forecast. The Opec was also upbeat about 2018 economic growth and said oil stocks in developed economies declined in June ...

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First Published: Thu, August 10 2017. 17:10 IST
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