Home
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
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
» Al-Alaq describes the parallel dollar as “abnormal”: There is great stability in prices
» utube 11/8/24 MM&C MM&C -Iraq Dinar-International Stability-Financial System-IMF-Art
» utube 11/5/24 MM&C MM&C News Report-ICC-Investors-RIYADA BANK-Port of Faw-3 Presidents Seated-Removi
» Foreign Ministry: Iraqi-Saudi Coordination Council to convene in Baghdad next month
» Travelers demand cancellation of electronic reservations by government banks in selling them dollars
» Al-Sudani directs to increase bank branches to expand financial services and modernize buildings in
» Census Without Nationalities: An Attempt to Write a New Narrative of Iraq’s Unity
» Diplomatic Embrace or the Specter of Sanctions: Iraq Sways in Positions towards Trump
» The National: The British Army Returns to Iraq Under New Pretext
» Zidane and Al-Mandlawi discuss the issue of approving laws related to the work of the judiciary
» MP: The ministerial change is not linked to a specific component or party
» For these reasons, Al-Mashhadani came to power as Speaker of Parliament.
» Al-Kroui to Al-Maalouma: 4 oil and gas fields on the table of the upcoming licensing rounds
» Raouf: The region needs more time to form the new government
» Al-Sudani issues 6 directives to increase financial inclusion and raise its indicators in all govern
» Kurdistan Men's Union Diagnoses Danger Threatening Society's "Collapse" and Proposes Polygamy
» Anbar explains details of the Western Desert irrigation project and sets its opening date
» Large ships at the five berths of Al-Faw Port
» Al-Marsoumi: Faw Port and Development Road will generate revenues worth 6 trillion dinars in 2038
» Nearly half of Iraq's factories are "stopped"... moves to rescue them
» Gulf central banks follow the Federal Reserve and cut interest rates
» Iraqis are the most likely to buy real estate in Jordan in 2024
» Iranian-Sudanese agreement to expand economic and trade cooperation
» Completion of 670 schools in all Iraqi governorates
» Al-Sudani's advisor: We have put in place a mechanism to provide loans to these groups
» A set of recommendations from Al-Sudani to reform the financial and banking system in Iraq
» A dialogue seminar in Basra discusses the anti-torture file and fair trial mechanisms
» The conclusion of the Ninth International Scientific Conference of the College of Veterinary Medicin
» Minister of Interior from Amman: The government has launched a major campaign to improve the service
» Al-Bujari: The Grand Faw Port Project is an opportunity to do justice to graduates of maritime speci
» Al-Sudani announces a package of new banking directives to enhance financial inclusion in the govern
» Iraqi oil returns to gains as Iran-Israel tensions escalate
» Next week... Parliament is close to resolving the controversial laws
» Zidane discusses with Mandalawi and Maliki cooperation between the judicial and legislative authorit
» Al-Atwani to Al-Maliki: We have embarked on a new philosophy for managing the financial sector based
» Al-Sudani issues a set of recommendations to reform the financial and banking system in Iraq
» Iraq's Maritime Future.. Everything You Need to Know About Faw Port and Completion Rates (Video)
» Trump poses a threat to Iraq's budget
» A detailed explanation of the implications of Trump’s victory on Iraqi oil policy
» Minister of Interior inaugurates the unified card system at the Iraqi Consulate in Jordan
» Iraqi Parliament extends its legislative term until the ninth of next month
» Parliamentary Services: We will hold accountable those responsible for the failure in the sewage dep
» Urgent demands to withdraw US forces and warning against Washington's procrastination
» Why did Qatar enter the Total project: A report criticizes China’s “colonial entry” into Iraq
» Parliamentary movement to pass 5 “important” laws
» Iraqi congratulations and divided positions.. What after Trump's victory?
» Parliament Presidency decides to extend legislative session for 30 days
» Government Media Announces Completion of 670 Model Schools in All Governorates
» More than 10 billion dinars.. Sulaymaniyah and Halabja imports in a week
» Parliamentarian reveals reasons behind the phenomenon of "loose weapons" and details of the state ad
» "Everything Above Ground"... What does the population census include?
» Increasing complaints and slow processing of transactions.. Demands for the necessity of replacing t
» Can Iraq prosecute Trump using old arrest warrant?
» Calls to revive 35,000 idle factories
» utube 11/2/24 MM&C Report-Iraq 3 Presidents-National-Constitutional Entitlements-Open Market Operati
» With the document.. Cancellation of the suspension of the agricultural plan in the Iraqi "breadbaske
» Economist criticizes government's neglect of tourism, agriculture and dependence on oil
» Al-Sudani: The development path will be an artery linking most countries in the region
» Parliamentary bloc: Popular Mobilization Forces retirement law ready for voting
» Al-Kadhimi: Financial costs and government insistence will force Americans to withdraw militarily
» Parliamentary Committee Rejects Inclusion of Public Money Thieves in Amnesty Decision
» Al-Mashhadani directs to resolve differences over draft laws before submitting them to Parliament
» Emaar: Launching the housing loan application form in early 2025
» Parliamentary Health: The environment needs 2.6 billion dinars to operate air purification stations
» Al-Sudani: We faced major challenges in implementing the “Greater Iraq” project
» Iraqi Ports reveals in numbers the percentage of completion in the Grand Faw Port projects
» More than $300 million.. Central Bank sales increase in today's auction
» Faw Port prepares to receive the first commercial ship
» Service Effort of {Sabah}: Completing all projects with high implementation rates before the end of
» Government agency for digital transformation
» Parliamentary Committee: Final version of the National Day Law
» Al-Imar to {Sabah}: Launching the housing loan application form at the beginning of 2025
» Iraq looks forward to a new phase after Trump's victory
» Training workshops to help the unemployed in Kirkuk
» Nineveh to open oncology hospital in early 2025
» Service Effort: Completion of all projects that exceeded 80% completion rates.
» Parliamentary Health: The environment needs 2.6 billion dinars to operate air purification stations
» Transportation: 20 public transport lines to be launched this month
» Al-Emaar to {Al-Sabah}: Launching the housing loan application form in early 2025
» The most prominent achievements of Al-Sudani's government in the youth care and sports sector files
» Planning: The percentage of women in the workforce does not exceed 13 percent
» Baghdad is the capital of Arab tourism
» Al-Sudani: The Grand Faw Port is Iraq's largest project
» Parliamentary Foreign Affairs Committee to NINA: This is what is delaying the selection of the list
» Parliamentary lawsuit to challenge the contract with the International Finance Corporation
» Minister of Justice issues directive regarding foreign lawsuits file
» How will Trump's victory affect Iraq?
» State Administration Coalition holds meeting with Al-Sudani and Al-Mashhadani in attendance
» Formation of the regional government.. How much influence does the new US administration have on the
» Al-Sudani announces the receipt of the five berths that represent the backbone of Al-Faw Port
» Despite its global rise... Iraqi oil returns to the red zone
» Iraq Counts on the Grand Faw Port, and an Expert Says: It Will Change the Economy - Urgent
» Rafidain Bank expands comprehensive banking system to include 48 branches
» "The reference" indicates the seriousness of the situation... and the political forces "shuffle the
» Criminal wanted by Iraqi judiciary.. Rashid and Al-Sudani’s congratulations to Trump spark widesprea
» State Administration Coalition holds meeting with Al-Sudani and Al-Mashhadani in attendance
» Parliamentary Security and Defense: There are “fake” security companies run by “suspicious” figures
» Fares Issa meets the Czech Ambassador to Iraq