OPEC points to 2018 supply deficit as market tightens (2 Visits)

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OPEC raised its 2018 oil demand forecast for 2018 on Monday, and said its deal with other producers to cut output was causing a reduction of excess oil in storage, which may push the global market into a deficit next year.

OPEC said in a monthly report it had cut estimates of 2018 supply from producers outside the group, and also said oil use would grow faster due to a stronger than expected world economy.

OPEC set its forecast at 33.42 million bpd for global use of OPEC crude next year, up 360,000 bpd from its previous forecast, the fourth consecutive monthly increase in the projection since July.

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