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Opec sees rise in oil demand next year

Opec sees rise in oil demand next year

OPEC's focus is on to jointly implement the supply adjustments in order to continue to accelerate the destocking to restore stability, Mohammed Barkindo said adding, if the balance is restored between demand and supply of crude oil, it would be in the best interest of the global economy.

But with strong oil demand growth, summer demand, and Brent futures flipping to backwardation, the OECD commercial stocks have started to draw down faster in the summer.

U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 7 cents, or 0.1 percent, to $50.99 a barrel.

"It calls into question how committed Saudi Arabia is to those production cuts", said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.

Oil prices have firmed in 2017, but they have not risen as much as some analysts had forecast.

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"The news that Saudi Aramco is set to make its deepest customer allocation cuts to crude oil in its history shows once again how committed Saudi Arabia is towards reducing the ongoing oversupply of oil in the market", Ahmad said.

Rising supply from the USA and from other producers outside of the deal, as well as recovery of production in exempt OPEC members Libya and Nigeria, have been offsetting much of the OPEC/non-OPEC production cuts. “At the moment, there is no talk of an extraordinary meeting” beyond the session scheduled for next month in Vienna, he said.

Longer term, Barclays said it expected "a return to build mode next year", while PVM's Stephen Brennock said the International Monetary Fund viewed the economic recovery as being "on thin ice". The United States is not party to the deal, and its crude output has risen 10 percent this year to more than 9.5 million bpd.

Speaking at the Reuters Global Commodities Summit, Vitol CEO Ian Taylor said US output would climb another 500,000 to 600,000 bpd next year before flattening.

"It would be ambitious to expect shale producers to join the current production cut agreement, but the same could have been said for OPEC working with non-OPEC members to limit production output, and this has actually taken place".


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