OPEC's First 2018 Outlook Shows It's Pumping Too Much Oil
- Group sees 2018 consumption of its crude below current output
- Production also exceeded demand during first half of this year
Oil Advances on Signs U.S. Stockpile Declined
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OPEC’s first assessment of world oil markets in 2018 showed that, despite cutting output, the group is still pumping too much crude.
Even though the Organization of Petroleum Exporting Countries delivered on pledges to reduce supply, its output exceeded demand in the first half of this year, according to a report from the group. Its production was 32.6 million barrels a day in June. With U.S. oil producers leading a pick-up in rival supply, that’s also higher than the 32.2 million a day OPEC expects will be needed in 2018.