OPEC said on Tuesday that world demand for its oil would be higher than expected...
LONDON - OPEC said on Tuesday that world demand for its oil would be higher than expected this year as supply growth from rivals including U.S. shale producers slows, pointing to a tighter market if the exporter group refrains from raising output.
Supply losses in OPEC members Iran and Venezuela, both under U.S. sanctions, have deepened the impact of an OPEC-led production-limiting deal. The so-called OPEC+ group of producers meets next month to review whether to maintain the pact beyond June. “U.S. tight oil production is increasingly faced with costly logistical constraints in terms of out-take capacity from land-locked production sites.”
However, in a development that may raise OPEC concern, the report said inventories in developed economies rose in March, after falling in February. Overall, OPEC’s April output fell by just 3,000 bpd month-on-month to 30.031 million bpd. Iranian supply posted the biggest decline as the U.S. tightened the screw on Iranian exports through sanctions.
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