5 days ago
OPEC expects higher demand for crude oil in coming year
The Organization of the Petroleum Exporting Countries (OPEC) is expecting more growth in global demand for crude oil due to a stronger world economy.
In its monthly report, the Vienna-based group on Tuesday forecast demand will grow by 1.4 million barrels per day in the coming year, up from the previous estimate of 1.3 million.
OPEC also assumes that global oil stocks will shrink significantly next year, by almost 1.2 million barrels per day.
However, this is only to be expected if the organization and its allies do not return to previous production levels.
The OPEC+ alliance, which includes other important producer states such as Russia, is at the end of a change of course in its production policy, reversing a limit on production.
The group decided to increase production again from September by an average of 547,000 barrels per day.
