OPEC Likely to Extend Supply Cuts to Rebalance Market Raises forecast for 2018 demand Ejiofor Alike with agency report United Arab Emirates’ minister for energy Suhail al-Mazroui has stated that he expects the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC countries to extend global supply cuts at the November 30, 2017 meeting.This is coming as OPEC in its November oil market report released yesterday, increased the forecast for 2018 demand for its crude by 360,000 barrels per day, from last month’s report to 33.42 million bpd. But the tensions in the Middle East have raised the prospect of disruptions of crude oil supply, though the price of Brent was steady yesterday at $63 per barrel, close to its two-year high. Speaking yesterday at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC), al-Mazroui said his prediction was that OPEC would continue to do what it would take to rebalance the market. He added that while he had not heard a...
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