OPEC Boosts 2018 Demand Forecast, Signaling Faster Rebalancing
- Demand estimate for OPEC crude raised by 400,000 barrels a day
- If group prolongs curbs, stockpiles may fall by 670,000 a day
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OPEC boosted forecasts of demand for its crude in 2018, signaling that the rebalancing of the global market could gather pace.
The Organization of Petroleum Exporting Countries raised estimates for the amount it will need to pump to meet demand next year by 400,000 barrels a day to 33.4 million a day, according to a monthly report from the group. As that’s about 670,000 a day more than OPEC produced in the third quarter, global inventories would diminish further in 2018 if the group and its allies continue to keep supplies restrained.