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OPEC Raises 2018 Demand Projection - Business - Nairaland

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OPEC Raises 2018 Demand Projection by Truth234(m): 4:36am On Nov 14, 2017
The Organization of the Petroleum Exporting Countries, OPEC, raised its projected demand for next year on Monday.

The organization said its next year demand projection has been increased by 400,000 barrels a day to 33.4 million barrel per day. While the so-called ‘call on OPEC’ was also revised up by 200,000 barrel per day for 2017.

The increase in projection was as a result of growing demand that exceeded analysts’ expectations and helped reduce inventories from 2014 global oil glut.

This, combined with the 1.8 mbpd production cuts by the cartel and its allies helped global oil prices and pushed Brent crude oil to over $63 a barrel, up from $34 a barrel of January 2016.

Brent Crude

According to OPEC analysts, demand for its crude oil is projected to reach 34 million barrel per day by the second half of 2018, that is about 1.4 mbpd above 32.59 million barrel pumped per day in October.

A secondary source said the cartel pumped 32.59 mbpd in October, down by 150,000 bpd from September production. This, the cartel attributed to fell in Iraq and Nigeria’s oil production.

The organization will be meeting this month to discuss the possibility of extending its production cuts beyond the first quarter of 2018.

In October, OPEC Secretary-General Mohammad Barkindo announced that balanced oil market is insight and assured traders and marketers that production cuts remain effective.

“A balanced oil market is now fully in sight,” Barkindo said at the Oil & Money conference in London on Thursday. “Stability is steadily returning and there is far more light at the end of the dark tunnel we have been traveling down for the past three years.”

http://investorsking.com/opec-raises-2018-demand-projection/
Re: OPEC Raises 2018 Demand Projection by marksooyinmiebi(m): 6:35am On Nov 14, 2017
I dedicate this FTC to all SIWES students in Uniabuja!


Good morning World!
Re: OPEC Raises 2018 Demand Projection by docadams: 6:35am On Nov 14, 2017
Good for Naija. 2018 projected revenue earnings from crude oil assured.

1 Like

Re: OPEC Raises 2018 Demand Projection by dayleke(m): 6:35am On Nov 14, 2017
Oya, Let's go there....
Re: OPEC Raises 2018 Demand Projection by baski92(m): 6:36am On Nov 14, 2017
Na for their pocket
Re: OPEC Raises 2018 Demand Projection by AFONJAPIG(f): 6:36am On Nov 14, 2017
space Bookers shame to you guys
Re: OPEC Raises 2018 Demand Projection by dayleke(m): 6:37am On Nov 14, 2017
But wait o...

Have we benefited from all dis oil windfall as a nation fa?
Re: OPEC Raises 2018 Demand Projection by Neimar: 6:37am On Nov 14, 2017
nicki minaj swit die
Re: OPEC Raises 2018 Demand Projection by wolextayo(m): 6:38am On Nov 14, 2017
Let them fix up their lives
Re: OPEC Raises 2018 Demand Projection by tochyano2: 6:38am On Nov 14, 2017
;D8
Re: OPEC Raises 2018 Demand Projection by tochyano2: 6:39am On Nov 14, 2017
cheesy
Re: OPEC Raises 2018 Demand Projection by coolie1: 6:42am On Nov 14, 2017
the most annoying thing is that some people don't knw what to comment and because they just want to say sometin on the first page

grin iyam one of them

1 Like

Re: OPEC Raises 2018 Demand Projection by killdiabetes(f): 6:46am On Nov 14, 2017
Noted
Re: OPEC Raises 2018 Demand Projection by hezy4real01(m): 6:47am On Nov 14, 2017
Them sha won finish the crude oil, God pass them
Re: OPEC Raises 2018 Demand Projection by nathanccr(m): 6:47am On Nov 14, 2017
Buhari smacking his Lips like

Re: OPEC Raises 2018 Demand Projection by coolie1: 6:47am On Nov 14, 2017
Neimar:
nicki minaj swit die
just look as this guy cry
Re: OPEC Raises 2018 Demand Projection by coolie1: 6:49am On Nov 14, 2017
is lyk everybody on this page don't know what to say u just want to comment
Re: OPEC Raises 2018 Demand Projection by Jlow2: 6:54am On Nov 14, 2017
wen it was 140$ per barrel,my country squandered everything
Re: OPEC Raises 2018 Demand Projection by Mayflowa(m): 7:03am On Nov 14, 2017
The leadership under the OPEC's secretary, Mohammad Barkido, has really tried to make OPEC speaks in one voice.
Kudos to the Nigerian!
Re: OPEC Raises 2018 Demand Projection by MrMoney007: 7:11am On Nov 14, 2017
OPEC is for civilized countries that exports.

Another body should be established to accommodate countries like Nigeria because all the zoo knows is to import everything, including their crude oil, which is imported back when refined.

So is Nigeria really a Petroleum Exporting Country?
Re: OPEC Raises 2018 Demand Projection by menwongo(m): 7:13am On Nov 14, 2017
Nigerian Militant will reduce their expectations
Re: OPEC Raises 2018 Demand Projection by kuntash: 7:18am On Nov 14, 2017
marksooyinmiebi:
I dedicate this FTC to all SIWES students in Uniabuja!


Good morning World!

The thread is talking of OPEC

that they have raised the 2018 oil demand projection...

if you dont understand- you fit ask questions
Re: OPEC Raises 2018 Demand Projection by HumbleGee(m): 7:18am On Nov 14, 2017
Whether OPEC or no OPEC Nigerians are suffering ..they should plsss do something about it
Re: OPEC Raises 2018 Demand Projection by marksooyinmiebi(m): 7:19am On Nov 14, 2017
kuntash:


The thread is talking of OPEC

that they have raised the 2018 oil demand projection...

if you dont understand- you fit ask questions

Okay, Thank you!
Re: OPEC Raises 2018 Demand Projection by Ushiefrank(m): 7:33am On Nov 14, 2017
Aahhh
Re: OPEC Raises 2018 Demand Projection by idris4r83(m): 8:04am On Nov 14, 2017
At $63 per barrel i don't think apc administration has any more reason to complain.
Re: OPEC Raises 2018 Demand Projection by jayloms: 8:24am On Nov 14, 2017
I pray all of this translate into better living conditions for average Nigerians

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