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.

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