Crude oil Commodity Trading Prices this week showed ups and downs seeing outlook from the International agencies like OPEC’s MOMR, EIA STEO and IEA. Coming to the OPEC’s latest July month release the same showed demand for the OPEC crude oil surging up in coming months. As per the report, growth in world oil demand in 2016 is expected to be around 1.20 million barrels per day. Non- OPEC supply is expected to decline by 0.90 million barrels per day, averaging around 56 MBPD.
For 2017, they further lowered the forecast to 55.90 MBPD from the Non-OPEC regions. Demand for OPEC crude in 2016 is expected to average 31.9 MBPD, an increase of 1.9 MBPD over the previous year. In 2017, the demand for OPEC crude is projected at 33.0 MBPD, Read More → “Crude Oil Tensions by Turkey plus Commodity Trading Tips”