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OPEC boosts oil-demand outlook while its production rises

The Organization of Petroleum Exporting Countries upgrades its forecast for the amount it needs to supply this year and next year while its production rises.

Photo: /ritzau/Nabil al-Jurani/Arkiv

OPEC boosted estimates of demand for its crude this year and next amid stronger-than-expected fuel consumption and a weaker outlook for rival supply.

The Organization of Petroleum Exporting Countries raised forecasts for the amount it needs to supply in 2017 and 2018 by about 200,000 barrels a day for each year, according to a monthly report from its secretariat in Vienna. Still, a rebound in Libyan production pushed the group's output last month to the highest this year, undermining its plan to rebalance oversupplied world markets.

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