In a monthly report on Thursday, the Organization of the
Petroleum Exporting Countries said the world would need 32.42
million barrels per day (bpd) of its crude next year, up 220,000
bpd from the previous forecast.
The Organization of the Petroleum Exporting Countries was also
upbeat about 2018 economic growth and said oil stocks in
developed economies declined in June and would fall further in
the United States, a sign the OPEC-led supply cut is working.
"With the ongoing growth momentum and an expected continued
dynamic in second-half 2017, there is still some room to the
upside," OPEC said in the report.
"Further declines in U.S. crude stocks are likely, given the
record rates at which U.S. refineries are running."
But the 14-country producer group also said its oil output in
July came in above the demand forecast, led by gains in Libya
and Nigeria, two members exempt from the cuts aimed at
eliminating excess supply.
In the report, OPEC said its oil output rose by 173,000 bpd in
July to 32.87 million bpd, led by the exempt producers plus top
exporter Saudi Arabia.
The figures mean OPEC has complied 86 percent with its
output-cutting pledge, according to a Reuters calculation, down
from 96 percent initially reported for June but still high by
(Reporting by Alex Lawler; Editing by Dale Hudson)
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