OPEC boosts demand outlook for its oil as fuel use strengthens - Bloomberg
|"OPEC Boosts Demand Outlook for Its Oil as Fuel Use StrengthensThe 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 report from its secretariat in Vienna," Bloomberg reported on Thursday.
Key takeaways:
- A rebound in Libyan production pushed the group’s output last month to the highest this year
- The organization increased projections for global oil demand in 2017 and 2018 by about 100,000 barrels a day for each year
- OPEC also lowered estimates for rival supply, by 50,000 barrels a day in 2017 and 90,000 a day in 2018, following weak output in the U.S. and Canada last quarte
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