OPEC emphasized the deep uncertainty over the strength of demand for its oil just a week before contentious talks on whether to raise production. There’s a “wide forecast range” for how much crude the Organization of Petroleum Exporting Countries needs to pump in the second half of the year, its research department said in a monthly report. With a range of uncertainty of 1.7 million barrels a day, demand could either be significantly higher, or slightly lower, than OPEC’s current output. “Looking at various sources, considerable uncertainty as to world oil demand and non-OPEC supply prevails,” said the report, published by OPEC’s secretariat in Vienna. “This outlook for the second half of 2018 warrants close monitoring.
Source: FuelFix
