OPEC forecast higher demand for its crude in 2018 on Thursday due to rising global consumption, and pointed to signs of a stronger oil market that suggest an OPEC-led production cut is getting rid of price-sapping excess supply.
In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.42 million barrels per day (bpd) of its oil next year, up 220,000 bpd from the previous forecast.
OPEC also said physical oil markets in Europe and West Africa had firmed and that an increase in the price of Brent crude oil for immediate delivery compared to later supplies indicated the glut was easing.
“The entire forward curve has flattened for Brent amid some bullish indicators in the physical market,” OPEC said. “Crude differentials strengthened notably for a range of key grades in the Mediterranean, North Sea and West African markets.” Read more
Credit By:- ET Energy World
Latest posts by ET Energy World (see all)
- SECI MD Selection: PESB Asks Renewable Energy Ministry For Appropriate Action – August 21, 2017
- Tuirial Hydro Power Project To Be Commissioned In October: Mizoram CM – August 19, 2017
- Powergrid Board Approves Rs 1,931 Crore Investment In HVDC Link – August 19, 2017