OPEC on Monday forecast higher demand for its oil in 2018 and said its production-cutting deal with rival producers was reducing excess oil in storage, pointing to an even tighter global market next year.
In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 33.42 million barrels per day (bpd) of OPEC crude next year, up 360,000 bpd from its previous forecast.
The 14-country producer group also said its oil output in October, as assessed by secondary sources, came in below the 2018 demand forecast at 32.59 million bpd, a drop of about 150,000 bpd from September.
The report points to a supply deficit next year if OPEC keeps pumping at October`s rate.
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