OPEC has raised its estimates of global oil demand growth to 1,42 million barrels a day from 1,37 million expected in August. Global demand will therefore rise to 96,77 million barrels.
This was announced by the Organization of Producing Countries which in the September monthly bulletin indicates that for 2018 demand is expected to grow by 1,35 million barrels per day.
OPEC also signaled today that the production cuts are giving the desired results, leading to a rebalancing of the current market”. According to the data released in the September report, in August the production of the countries of the cartel fell by 79 barrels per day reaching 32,755 million barrels per day from 32,834 in July, and the supply of Non-OPEC countries dropped by 32 barrels per day day.
Nigeria, which is exempt from the current production limitation agreement, has seen its production increase, while Lebanon and Venezuela have seen declines. Production has also declined in Iraq, OPEC adds.
