OPEC sees tighter 2018 oil market as demand grows, supply falls
11/13/2017 6:18:11 AM
LONDON (Reuters) — OPEC on Monday forecast higher demand for its oil in 2018 and said its production-cutting deal with rival producers was reducing excess oil in storage, pointing to an even tighter global market next year.
In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 33.42 MMbpd of OPEC crude next year, up 360,000 bpd from its previous forecast.
The 14-country producer group also said its oil output in October, as assessed by secondary sources, came in below the 2018 demand forecast at 32.59 MMbpd, a drop of about 150,000 bpd from September.
The report points to a supply deficit next year if OPEC keeps pumping at October's rate.
Reporting by Alex Lawler. Editing by Jane Merriman
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