- DA Hike: Government raises Dearness Allowance of Central Government employees by 4% to 38%
- Bank of Baroda rolls out Khushiyon ka Tyohaar as festive season begins details
- Torrent Pharma share price falls 5.5% on pricey deal with Curatio Healthcare – know what brokerages say
- Electric two-wheeler maker Motovolt Mobility plans to invest Rs 200 crore for expansion
- Spike in oil price breaking India's back: S Jaishankar after talks with Antony Blinken
OPEC sees tighter 2018 oil market as demand grows, supply falls
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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.