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/

I dedicate this FTC to all SIWES students in Uniabuja!


Good morning World!

Good for Naija. 2018 projected revenue earnings from crude oil assured.

Oya, Let's go there....

Na for their pocket

space Bookers shame to you guys

But wait o...

Have we benefited from all dis oil windfall as a nation fa?

nicki minaj swit die

Let them fix up their lives

;D8

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

iyam one of them

Noted

Them sha won finish the crude oil, God pass them

Buhari smacking his Lips like

Neimar:
nicki minaj swit die

just look as this guy

is lyk everybody on this page don't know what to say u just want to comment

wen it was 140$ per barrel,my country squandered everything

The leadership under the OPEC's secretary, Mohammad Barkido, has really tried to make OPEC speaks in one voice.
Kudos to the Nigerian!

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?

Nigerian Militant will reduce their expectations

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

Whether OPEC or no OPEC Nigerians are suffering ..they should plsss do something about it

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!

Aahhh

At $63 per barrel i don't think apc administration has any more reason to complain.

I pray all of this translate into better living conditions for average Nigerians