Opec upgraded its forecast for global oil demand growth for 2017 and 2018, while saying oil output growth was projected to slow. Photo: ReutersParis: After long years of punishingly low oil prices, there is “increasing evidence” that the oil market is moving closer to reaching a healthy balance between supply and demand, Opec said on Monday. In its report, Opec upgraded its forecast for global oil demand growth for 2017 and 2018, while saying oil output growth was projected to slow. Previously, Opec had been projecting an increase in global oil demand in 2017 of 1.45 million bpd. In another positive signal for the market, commercial stocks of OECD countries, which weigh on the oil price, declined to 2.985 million barrels, Opec said.

Source: Mint November 13, 2017 19:07 UTC