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OPEC sees stronger demand for crude oil in 2017

by ChemOrbis Editorial Team -
  • 13/07/2016 (10:25)
According to media reports, the Organization of Petroleum Exporting Countries (OPEC) reported in its first assessment of 2017 that demand for their oil production will increase next year amidst lower oil production from non-OPEC countries.

Global oil demand will increase by 1.2 million bpd next year to reach an average of 95.3 million bpd in line with stronger demand especially from emerging economies such as India and China. Non-OPEC oil production will fall by 100,000 bpd to 55.9 million bpd, according to OPEC.

OPEC will need to produce about 33 million barrels of oil per day next year, up 142,000 bpd from June, according to the cartel’s new assessment. OPEC’s crude oil production rose by 264,100 bpd to 32.858 million bpd in June.

Meanwhile, OPEC welcomed Gabon’s resumed membership on June 30.
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