opec expects higher demand for its oil
Thursday 13 February 2025
Last Updated : GMT 06:49:16
Arab Today, arab today

In 2018

OPEC expects higher demand for its oil

Arab Today, arab today

Arab Today, arab today OPEC expects higher demand for its oil

Vienna - Arabs Today

The Organization of the Petroleum Exporting Countries predicted higher demand for its oil in 2018 on Wednesday and said its production-cutting deal with rival producers was getting rid of a glut, pointing to a tighter market that could move into a deficit next year.
In a monthly report, OPEC said the world would need 33.06 million barrels per day (bpd) of its crude next year, up 230,000 bpd from its previous forecast. “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.
“OPEC and key non-OPEC oil producers continue to successfully drain the oil market of excess barrels.” The report illustrates growing confidence among OPEC officials that its supply cut is working. In a deal aimed at clearing the glut, OPEC is curbing output by about 1.2 million bpd, while Russia and other non-OPEC producers are cutting half as much, until March 2018.
According to Reuters, the 14-country producer group said its oil output in September, as assessed by secondary sources, came in below the 2018 demand forecast, even though production climbed by about 89,000 bpd to 32.75 million bpd.
In a further sign that the supply excess is easing, OPEC said inventories in developed economies declined by 24.7 million barrels in August to 2.996 billion barrels, 171 million barrels above the five-year average. OPEC and its allies want to bring stocks down to the five-year average and are discussing extending their supply restraint.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

opec expects higher demand for its oil opec expects higher demand for its oil

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

opec expects higher demand for its oil opec expects higher demand for its oil

 



GMT 09:52 2017 Friday ,14 April

Bahrain to host cybersecurity forum/expo 2017

GMT 08:50 2017 Saturday ,22 April

In or out? EU is hot-button issue in French vote

GMT 20:12 2017 Sunday ,03 September

FM meets US Congress delegation

GMT 10:32 2017 Sunday ,04 June

Water shortage in parts of Muscat

GMT 22:59 2017 Tuesday ,10 October

US will welcome target of 10,000 Syria refugees

GMT 19:45 2017 Wednesday ,11 October

Etihad Airways to launch flights to Azerbaijan

GMT 14:42 2016 Monday ,04 July

Abu Dhabi banks jump on FGB/NBAD merger details

GMT 08:43 2017 Tuesday ,05 December

Trump endorses accused child molester Moore for Senate

GMT 12:09 2017 Thursday ,16 March

Qatar Supports UN Security Council's Efforts
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday