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The Organisation of Petroleum Exporting Countries (OPEC) has said supply and demand in the global oil market would likely balance out by the end of 2018 as a result of a pick-up in oil demand, particularly from the transport sector.


This is, however, coming as the cartel’s oil production fell to its lowest in six months but rival United States production was surging faster than expected, thus raising concerns that the market may not rebalance before the end of 2018.

OPEC said in its monthly Oil Market Report released yesterday that oil demand was projected to grow by 1.51 million barrels per day in 2018, compared to an already higher-than-expected 1.26 million increase in 2017.

With the projected increase in demand in 2018, OPEC said global demand would reach 98.45 million barrels per day next year, adding that “expansion in the transportation sector is expected to provide the bulk of oil demand growth”.

According to OPEC, expected strong economic expansion across the world will also underpin industrial and construction fuel demand.

The group noted that its crude production fell by about 133,500 barrels a day in November to 32.45 million barrels a day.

OPEC’s own crude oil output is likely to edge up to 33.2 mb/d next year from 32.8 this year, a smaller increase than previously thought.

OPEC and some non-members of the cartel, including Russia, last month extended an output cut agreement until the end of 2018 in the hope of re-balancing the oil market and underpinning the price of crude.

However, the output decrease last month was tied to other factors with domestic demand for Saudi oil declining in the winter and Angola and Venezuela facing production issues.

OPEC predicted that non-OPEC oil producers will pump around 990,000 barrels of crude oil per day more next year than this year as US shale oil producers ramp up output.

OPEC, however, said an overhang of global stocks would dwindle next year, “arriving at a balanced market by late 2018.”

Non-OPEC oil supply growth for 2017 now stands at about 810,000 barrels a day, representing an upward revision of around 150,000 barrels a day from the previous OPEC report.
For 2018, the forecast for supply growth outside the cartel was increased by about 120,000 barrels a day to around 990,000 barrels a day.

http://www.akelicious.com/2017/12/opec-oil-market-to-balance-within-year.html

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Tesla, Volvo and Co mist hear this, because they seem set to tip over the balance yet again by knocking demand down a bit.

Ok!! Let me go and clean my coveralls and safety boot!! Am smelling work

No, it won't

Everyone is producing oil .

Oil isn't going to go above $90 again. We better make the hard choices needed to become a diversified economic power

I suspect the price of oil will still rise further and touch $75 by mid 2018.

The long term price of oil I suspect in the $95-100 range.

Ok

Good it means their is plenty of room upward for oil price

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;DAny good web designer with php knowledge should contact me on Facebook with my user name chus22 or Inbox me here.. Lets make money come 2018.... # We must rule.. If your dad is not a senator, or a member of reps... Then forget naija

grandstar:
I suspect the price of oil will still rise further and touch $75 by mid 2018.

The long term price of oil I suspect in the $95-100 range.

That I doubt. Everyone is producing oil.

And if your prognostication is right, Nigeria needs oil at $120.

We should stop relying on oil... it just makes our economy vulnerable.

9jakohai:


That I doubt. Everyone is producing oil.

And if your prognostication is right, Nigeria needs oil at $120.

We should stop relying on oil... it just makes our economy vulnerable.

I dont care a hoot about Nigeria's dependence on oil. Just giving my independent opinion.

I still hold on to my opinion.

The bad side of oil price increase is there is likelyhood of pump price increase since we import based on international price, those that control government in Nigeria will be happy with price increase because it means more money to squander, imagine Buhari recently said the government can now afford to appoint more ministers since our earning has increased.

Personally I don't want oil price to be above $50 per barrel, this will make us some money but also being prudent and also exploring other sectors imagine how vigorously the nation went to rice farming in the last 2 years due to poor oil price

9jakohai:
No, it won't

Everyone is producing oil .

Oil isn't going to go above $90 again. We better make the hard choices needed to become a diversified economic power

My friend seek knowledge and be enlightened. Oil prices will still soar, don't be surprise it will exceed $100, the world energy is driven by oil, even diversification will be driven by oil. It's a cycle.

Another oil bump for Nigeria ,let see what this govt can do out of this. I pray let it not be as usual.

9jakohai:


That I doubt. Everyone is producing oil.

And if your prognostication is right, Nigeria needs oil at $120.

We should stop relying on oil... it just makes our economy vulnerable.

Nigeria problem is not relying on oil, but her inability to refine and produce enough products to meet her local consumption demand..crude is cheap, the products are expensive. Oil prices will go up and Nigeria will pay more if she keep importing the products even a diversified economy won't shield Nigeria from paying more for imported products.

IamEmem:


My friend seek knowledge and be enlightened. Oil prices will still soar, don't be surprise it will exceed $100, the world energy is driven by oil, even diversification will be driven by oil. It's a cycle.

My problem is that ultimately oil prices fluctuate so much that it has a bad impact on our economy.

If you want a strong economy, it must be one dependent on production of innovation based products for the global market.

That is how South Korea, Japan and even China roll. Heck, South Korean companies build oil rigs, and export them. And they have no oil.

grandstar:
I suspect the price of oil will still rise further and touch $75 by mid 2018.

The long term price of oil I suspect in the $95-100 range.

There isn't a chance of that ever happening, as the North American fracking companies will jump right back into the market at full production well before that happens. The frackers are continuously improving their technology and reducing their operating costs, and even at $60 many of them will be tempted to ramp up production once again. The Nigerian dream of $100/barrel oil is gone forever.

Old men who have held the country hostage for years hold meetings day and night. They travel far and wide for conventions to discuss how to further wreak havoc on us. They are not just stealing from the treasury, they have the keys to the vault. When given tasks, they accomplish them swiftly. And that is why we feel the pain immediately.

But you the young man who is not too young to run, anytime we call for meetings, rallies, protests, we practically beg you to partake. When you come, you spend the first 1 hour chatting with a fellow nuisance on your phone. When we eventually plead to you to be attentive in the meeting, you listen to respond and attack. Not to learn and contribute.
For protests, you are too handsome and neat to walk the streets. 30 minutes into the protest, you are already complaining of backache, headache and even brainache. When we call for press conferences to address issues, you are always busy. At the end of the year, show us the proceeds of your being busy- there is nothing to show. Being BUSY but not in BUSINESS. I pity this generation.

Is it not oríburúkú ('unfortunate' would not pass the message powerfully as I want) that in a population of over 180 million people with 60% as youths, we are served in 2019 with the choice of Buhari or Atiku? If you don't know, brother, it is called 'eríibú' in Ilorin dialect.

There is a name given to you freely by the generous people of Oyo. It is Òpònú ayíradà. Òpònú ayíradà is someone who wants to enjoy the dividends of democracy without giving his shares in the struggle. Show me the Bank that gives dividends without receiving shares! Show me! So I can report to the E.F.C.C.

Adeyeye Olorunfemi