OPEC sees higher 2018 oil demand, trims output

OPEC forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices.

In a monthly report on Tuesday, the Organization of the Petroleum Exporting Countries said the world would need 32.83 million barrels per day (bpd) of its crude next year, up 410,000 bpd from the previous forecast.

The 14-country producer group also said its oil output in August came in below the demand forecast as output fell by 79,000 bpd from July to 32.76 million bpd.

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