16:45 - 10/08/2017
OPEC expects demand for its crude oil to rise in 2018 due to growing world consumption and slow growth in supply of competing producers.
The Organization of Petroleum Exporting Countries said in its report that "the world will need 32.42 million barrels per day of its oil next year, an increase of 220 thousand barrels per day than previously expected."
It said its oil production in July was higher than expected, led by increases in Libya and Nigeria's output exempt from OPEC-led cuts aimed at getting rid of oversupply.
The 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 the production of the two exempted members. The figures mean that the Organization's commitment to its commitment to reduce production was 86 percent. "