OPEC said the world would need 33.42 million barrels per day of OPEC crude next year. REUTERS/Leonhard Foeger
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OPEC raised its forecast Monday for demand for its oil in 2018 and said its deal with other producers to cut output was reducing excess oil in storage, potentially pushing the global market into a larger deficit next year.OPEC said the world would need 33.42 million barrels per day of OPEC crude next year, up 360,000 bpd from its previous forecast and marking the fourth consecutive monthly increase in the projection from its first estimate made in July.In a further sign supply excess is easing, OPEC said inventories in developed economies declined by 23.6 million barrels in September to 2.985 billion barrels, 154 million barrels above the five-year average.OPEC now expects oil demand to rise by 1.51 million bpd next year, up 130,000 bpd from previously, to 98.45 million bpd.
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