OPEC Forecasts 2018 Crude Oil Demand at 98.85 Million Barrels a Day

OPEC Forecasts 2018 Crude Oil Demand at 98.85 Million Barrels a Day

OPEC Forecasts 2018 Crude Oil Demand at 98.85 Million Barrels a Day

"Oil prices are touching fresh multi-year highs as robust demand prospects coupled with a tense geopolitical backdrop make for a potent bullish cocktail", said Stephen Brennock, analyst at London brokers PVM Oil Associates.

Iran now provides approximately 4 percent of global crude supplies and is the third-biggest manufacturer in the OPEC.

Crude prices are higher Monday morning, with West Texas Intermediate for June delivery trading up about 0.1% at $70.79.

US President Donald Trump's decision to reintroduce sanctions on Iran have thrown a curveball into Middle East relations, with many expecting this to have continued ripples throughout the world and region.

However, Iran's overall exports of oil and condensate are no lower than the average of 6 million barrels per day (m/bpd), with 60 percent of exports designated for Asia and another 40 to Europe, said Pirooz Mousavi, who heads the National Iranian Oil Terminals Company (NIOTC), as cited by PressTV news outlet.

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OPEC and Saudi Arabia made similar statements a year ago at the beginning of their initiative to curb oil production, and some pundits took this to be a way to avoid any predictions that could prove wrong of higher oil prices resulting from their cutbacks. Total volume traded Tuesday was 17 per cent above the 100-day average.

Increased demand and restricted supply caused oil prices to soar today with Brent crude oil reaching $79 (£58) per barrel which is the highest since November 2014. Prices on Monday gained $1.11 to close at $78.23.

Oil for September delivery rose 1.6% to 472.8 yuan a barrel on the Shanghai International Energy Exchange. The contract closed 1.1 per cent lower on Friday.

Rosneft's total average daily hydrocarbon production was at 5.71 million barrels of oil equivalent in the first quarter, close to levels in the same period previous year.

The Organisation of the Petroleum Exporting Countries (Opec), has not restricted the number of barrels available but has not made up for the loss of barrels from Iran. Iraq's compliance was at 63%, and it was the only member not to have curbed production as agreed under a deal that took effect January 1, 2017 and is scheduled to run through the end of 2018. Fifty-five Palestinians were killed in confrontations with Israeli troops on Monday after tens of thousands converged on the Gaza Strip border to protest the U.S. embassy in Jerusalem.

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