Opec sees lower demand in 2018

Opec officials are still upbeat on the outlook

World demand for Opec’s crude will decline next year as US shale producers and other rivals pump more, Opec said on Wednesday, suggesting the oil market will see a surplus in 2018 despite an Opec-led output cut.

In a monthly report, the Organization of the Petroleum Exporting Countries forecast the world will need 32.20 million barrels per day (bpd) of crude from its members next year, down 60,000 bpd from this year as rivals pump more.

Opec also reported a jump in its June output to levels above the forecast of average global demand for its crude this year and next, hindering