OPEC: Slower oil production slows
Baghdad - Agencies
The Organization of the Petroleum Exporting Countries (OPEC) has predicted changes in the growth of world oil demand and the volume of oil production, stressing that the growth of oil production in the United States rock slowed compared to the first half of 2017, which helps to grow world demand for OPEC oil.
"The oil market is regaining its balance at a rapid pace and it has almost completely wiped out the supply of refined products as the Organization adheres to its supply agreement," OPEC Secretary General Mohamed Barkindo said. "Oil production in the United States slowed down compared to the first half of 2017 and growth estimates Global demand may see further upward revisions thanks to efforts to reduce supplies. "
Opec, Russia and other producers are cutting oil output by 1.8 million barrels per day (bpd) until next March to get rid of the glut of global supply of crude, which is putting pressure on prices