Again, the forecast for global demand for this year and next year of growth in OPEC has also diminished its concern over oversupply.
OECD experts predict in their regular monthly report released Tuesday
compared with last year's 1.5 million barrels per year, world oil demand is expanding to 98.79 million barrels.
Compared to the October forecast, this represents a drop of 40,000 barrels per day.
Next year, demand for oil can rise to 1.20 million barrels per day to 100.08 million barrels. Compared to the latest estimate of the oil cartel, this represents a drop of 70,000 barrels.
World oil supply in October was 99.76 million barrels, with a monthly comparison of 440,000 barrels and an annual increase of 2.1 million barrels. OPEC experts expect the oil extraction countries to increase their production this year and beyond, especially in the United States.
Although the oil market has reached equilibrium, the prognosis of non-OPEC countries' outputs next year shows that supply is expanding and significantly above demand, resulting in a surplus on the oil market
"Analysts said, adding that the expected slowdown in world economic growth and the associated uncertainty have reinforced the demand for oil market demand for months.
OPEC cut 33 percent of world oil production in October, just like in the previous month. The cartel members gave 32.9 million barrels of oil a day to the ground, up 127 thousand more daily than in September.
It found an increase in Angola (22,000 barrels per day), Libya (60,000), Saudi Arabia (127,000) and the United Arab Emirates (142,000), while Iran fell by 156,000 barrels to 3,29 million barrels. Venezuela 40,000, Kuwait 33,000, and Nigeria recorded 17,000 barrels per day.
Demand for oil from OPEC member countries can cut 32.6 million barrels a day, which is 900 thousand barrels less than last year. Next year, demand will drop to 31.5 million barrels per day, which is 1.1 million barrels less than this year.
Countries outside OPEC increased their production in October by 310,000 barrels per day to 66.86 million barrels per day.
For countries outside OPEC, oil production will increase by 2.31 million barrels per day to 59.86 million barrels per day and 2.23 million barrels to 62.09 million barrels a year.
The OPEC Benchmark, which measures the average price of oil produced by Member States, rose in October by $ 2 a barrel per barrel to $ 79.39 for a four-year high.
The futures price in Brent in the North Sea rose by $ 1 to $ 52 to $ 80.63 at the London InterContinental Exchange (ICE), while West Texas Intermediate (WTI), the Western Hemisphere Texas (WTI) in the Western Hemisphere in the Western Hemisphere, increased 67 cents to $ 70.76 by the end of October.
Trump's words pushed for the price of oil
The Brent crude oil price dropped below $ 70 a barrel Tuesday after the US president expressed the hope that Saudi Arabia would not implement its plan to cut oil exports in December.