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OPEC foresees oil demand jump, tough market in 2018

By NewsDesk, with Agency report

Emerging from Organization of Petroleum Exporting Countries (OPEC) on Wednesday was a strong indication that by 2018, oil demand would incline alongside production-cutting deal with rival producers which has been successfully getting rid of a glut, just as it pointed out a tighter global market.

In a monthly report, OPEC said that he world would need 33.06 million barrels per day (bpd) of OPEC crude in 2018, up 230,000 bpd from its previous forecast.

The 14-country producer group also said its oil output in September, as assessed by secondary sources came in below the demand forecast, even though output climbed slightly.

“With the market moving into the winter season, distillate fuel supplies are notably tight, representing a change from the excess supplies seen in the last two years,” OPEC said in the report.

“OPEC and key non-OPEC oil producers continue to successfully drain the oil market of excess barrels.”

OPEC said it pumped 32.75 million bpd in September, up about 89,000 bpd from August.

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