opec sees lower demand for its oil in 2018
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

OPEC sees lower demand for its oil in 2018

Arab Today, arab today

Arab Today, arab today OPEC sees lower demand for its oil in 2018

London - Arab Today

The Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday its oil production jumped in June and forecast world demand for its crude will decline next year as rivals pump more, pointing to a market surplus in 2018 despite an OPEC-led output cut.
Giving its first 2018 forecasts in a monthly report, OPEC said the world will need 32.20 million barrels per day (bpd) of crude from its members next year, down 60,000 bpd from this year.
OPEC said its oil output in June rose above the demand forecast, led by gains in Libya and Nigeria, two members exempt from the cut aimed at eliminating excess supply. OPEC officials nonetheless remain upbeat on the outlook.
“We remain very optimistic ... (about) helping the market to rebalance itself,” OPEC Secretary-General Mohammad Barkindo said at an industry conference in Istanbul.
Under the supply deal, 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. OPEC said its output rose by 393,000 bpd in June to 32.611 million bpd, according to figures from secondary sources the organization uses to monitor supply. The gain was led by Nigeria and Libya.
The figures mean OPEC has complied 96 percent with the cutback pledge, according to a Reuters calculation, down from more than 100 percent in May but still high by OPEC standards.
“We are fully satisfied that member countries are maintaining a very high level of conformity,” Barkindo said.
Supply is rising outside the group as well. OPEC estimated supply from all non-OPEC producers next year will rise by 1.14 million bpd, a sizeable increase from the growth of 800,000 bpd this year led by the US.
Next year’s growth in non-OPEC supply is almost as much as the 1.26 million bpd rise that OPEC expects in global demand, and is even more if OPEC output of natural gas liquids — a type of supply not restricted by OPEC quotas — is included.
The US is expected to contribute the largest non-OPEC supply gain next year, OPEC said, even though cost inflation and a decline in well productivity will curb shale oil activity. Canada and Brazil are also expected to boost output.
Should OPEC keep pumping at similar levels to June, the market could remain in surplus next year, the report indicates. The Nigerian and Libyan recovery has prompted talk among producers about asking them to join the supply deal.
Barkindo downplayed expectations this would be addressed soon, saying a meeting on July 24 in Russia of some OPEC and non-OPEC ministers would discuss Nigerian and Libyan output only at a technical level. OPEC production figures in the report are for the now 14-member group. Equatorial Guinea joined in late May.

Source: Arab News

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 sees lower demand for its oil in 2018 opec sees lower demand for its oil in 2018

 



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 sees lower demand for its oil in 2018 opec sees lower demand for its oil in 2018

 



GMT 08:23 2017 Monday ,03 April

Tesla tops quarterly sales forecast

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal

GMT 05:28 2017 Sunday ,26 November

Gas exporters call for 'fair price'

GMT 10:51 2018 Tuesday ,11 December

Cloudy weather with rain showers forecast Tuesday

GMT 20:00 2017 Monday ,25 September

Tourism minister leaves for France to attend Top Resa

GMT 22:07 2017 Tuesday ,02 May

UAE soldier martyred in Yemen

GMT 00:25 2017 Sunday ,10 September

Philippines Sees the Bloodiest

GMT 20:21 2017 Wednesday ,08 November

Ambassador Aizaz Chaudhry met members of Congress in US

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:16 2017 Monday ,25 December

Sharjah Ruler issues Emiri Decree on SGMB functions

GMT 13:16 2017 Sunday ,15 October

Qatari sheikh says assets frozen over Gulf crisis

GMT 12:50 2017 Saturday ,11 November

ICC prosecutor calls for Afghanistan war crimes probe

GMT 13:28 2012 Friday ,17 February

NYT\'s Anthony Shadid dies in Syria

GMT 16:44 2017 Friday ,01 September

Al-Bashir to partake in OIC Summit in Kazakhstan
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