Organization of the Petroleum Exporting Countries
The Organization of the Petroleum Exporting Countries' (OPEC) latest monthly report showed that the 2021 global oil demand growth forecast got revised down to 5.79 million barrels per day (bpd) from 5.9 million bpd in the previous report.
Iran had been expected to oppose any rise in crude output, but it has now signaled it may support a small increase.
OPEC said the market could find support in winter from low distillate fuel stocks and forecasts of colder weather.
OPEC’s Secretary General Mohammed Barkindo on Tuesday called on U.S. shale oil producers to help curtail global oil supply.
Oil prices steadied on Thursday, holding most of their recent gains before a meeting of oil producers that could extend production.
June’s production reached 32.61 million barrels of oil (mb/d), registering a monthly increase of 393,000 barrels of oil
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