World demand for OPEC`s crude will decline next year as U.S. shale producers and other rivals pump more, OPEC said on Wednesday, suggesting the oil market will see a surplus in 2018 despite an OPEC-led output cut.
In a monthly report, the Organization of the Petroleum Exporting Countries forecast the world will need 32.20 million barrels per day (bpd) of crude from its members next year, down 60,000 bpd from this year, as rivals pump more.
OPEC production has increased to more than this, despite an OPEC-led deal to cut supplies which started in January.
In the report, OPEC said its oil output rose by 393,000 bpd in June to 32.611 million bpd led by a rebound Nigeria and Libya - which are exempt from the supply cut, plus extra barrels from Saudi Araia and Iraq.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)