OPEC Sees Rising Crude Demand in 2017 as Saudis Pump Near Record
- Saudis produced 10.6 million b/d in June to meet summer demand
- World needs more OPEC crude in 2017 as rival supplies falter
Oil Outlook: Where Are Oil Prices Heading?
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OPEC forecast higher demand for its crude next year as the global surplus fades, while Saudi Arabia pumped near-record levels amid peak summer consumption.
The 14 members of the Organization of Petroleum Exporting Countries, including new member Gabon, will need to produce about 33 million barrels a day next year, 142,000 a day more than June output, the group said in its first assessment of 2017. Global demand will increase at the same pace as 2016 while production outside OPEC will fall.