EnergyWatch

OPEC expects future growth – boosts oil prices

The prices of both Brent and WTI oil are on the rise after OPEC announced Sunday its expectations for the future of global oil production. Gold and cooper prices are in decline.

Photo: Hjalmar Otto Fjøsne/Aker Solutions

The Organization of the Petroleum Exporting Countries held a meeting Sunday and forecast hiked US oil production within the next five years concurrently with a reduced demand for oil produced by OPEC states.

"Declining demand for OPEC crude is a result of strong non-OPEC supply in the 2017–2023 period, most notably from U.S. tight oil," OPEC said in its long-term world oil outlook, according to Reuters.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Further reading

Related articles

Latest News

See all jobs