Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality

Iraq Dinar/News is a popular topic among many topics this board offers. You must log in to see and participate in our Dinar sections.

Position yourself for free after watching the video on eCommerce at www.nenosplace.ipronetwork.com

Neno

I can be reached by phone or text 7am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2017


OPEC" is preparing for a strong demand for oil in 2018 and raise production

Share
avatar
rocky
Moderator
Moderator

Posts : 102236
Thanked : 3630
Join date : 2012-12-21

OPEC" is preparing for a strong demand for oil in 2018 and raise production

Post by rocky on Fri Aug 11, 2017 3:47 am

OPEC" is preparing for a strong demand for oil in 2018 and raise production

 


OPEC has raised its demand for crude oil in 2018 due to growing world consumption and slower growth in supply of competing producers, but a new jump in the organization's output suggests the market will continue to be oversupplied despite curbing production efforts.

In its monthly report issued on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said the world would need 32.42 million barrels per day of its oil next year, an increase of 220 thousand barrels per day than previously expected.

OPEC also expressed optimism about economic growth in 2018, saying oil stocks in advanced economies had fallen in June and would fall further in the United States, a sign that OPEC's output reduction efforts were bearing fruit.

"With the continued momentum of growth and the expectation of continued activity in the second half of 2017, there is still scope to rise," OPEC said in the report.

"US crude stocks are likely to see further declines, given the record US refinery operating rates," she said.

But the 14-nation producer also said its oil production in July was higher than expected, driven by increases in production from Libya and Nigeria, OPEC members exempt from OPEC-led cuts to scrap surplus supplies.

OPEC said in its report that its production of oil increased 173 thousand barrels per day in July to 32.87 million barrels per day led by production of the two exempt members as well as Saudi Arabia, the largest oil exporter.

The figures suggest that OPEC's commitment to cut output was 86 per cent, according to Reuters calculations, down from 96 per cent in the June preliminary estimate, but the compliance rate remains high according to OPEC standards.

http://economy-news.net/content.php?id=8679

    Current date/time is Tue Oct 24, 2017 3:30 am