After months of sharp oil price rises there is now considerable uncertainty as to the market’s direction for the rest of the year, OPEC said today as a key meeting of oil producers looms.
Question marks over global economic growth, and resulting oil demand, as well as over US producers’ capacity to pump oil at an ever faster pace make forecasting difficult, the Organization of the Petroleum Exporting Countries said in its regular monthly oil market report.
Various sources show that “considerable uncertainty as to world oil demand and non-OPEC supply prevails”, OPEC said, leading to a wide range of estimates for the remainder of 2018. Read More
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