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Statsguru: Global crude oil prices rise as tension in West Asia escalates

World oil demand is expected to rise by 1.63 million barrels per day (mb/d), reaching 98.7 mb/d in 2018

Crude oil prices have firmed up since Opec’s November 2016 agreement to cut production by 1.2 million barrels per day
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Crude oil prices have firmed up since Opec’s November 2016 agreement to cut production by 1.2 million barrels per day

Ishan Bakshi
Last week, United States President Donald Trump withdrew from the landmark agreement with Iran. The move roiled the international markets, with global crude oil prices rising to $77 per barrel, against $48 per barrel in June 2017 (Chart 1). The decision is likely to worsen the demand-supply dynamics of the oil market.

World oil demand is expected to rise by 1.63 million barrels per day (mb/d), reaching 98.7 mb/d in 2018 (Chart 2).
On the supply side, while non-OPEC countries are expected to boost supply by 1.71 mb/d to 59.61 mb/d in 2018 (Chart 3), supply by OPEC is

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