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OPEC hikes 2018 oil demand forecast; production fell in October

Published 11/13/2017, 10:24 AM
OPEC hikes 2018 oil demand forecast; production fell in October
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  • OPEC sharply raises its 2018 demand forecast by 400K bbl/day from last month's outlook to 33.4M bbl/day, ahead of the cartel's scheduled Nov. 30 meeting to discuss whether to extend production cuts beyond next March.
  • OPEC expects demand to reach 34M bbl/day in H2 2018, ~1.4M bbl/day above what the group pumped last month, according to the group's monthly report.
  • Production from OPEC’s 14 members shrank by 151K bbl/day in October to 32.59M bbl/day as a result of lower output from Irag.
  • Stronger demand has combined with the 1.8M bbl/day of cuts by OPEC and other countries including Russia since January to help tighten the market, pushing Brent crude back above $60/bbl for the first time in two years; at last check, Brent +0.1% at $63.56/bbl, WTI +0.5% at $57.03/bbl.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
  • Now read: Rig Count Stalls, And Big Insider Buying In Our Favorite Energy Name

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