11:19 GMT29 November 2020
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    In 2017, demand for OPEC crude oil is projected to be 32.7 mb/d, around 0.1 mb/d higher than in the last report and 0.8 mb/d higher than this year, according to OPEC's Monthly Oil Market Report for November.

    MOSCOW (Sputnik) — The demand for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) will increase by 0.8 million barrels per day (mb/d) to a total of 32.7 mb/d, the cartel said it its Monthly Oil Market Report for November published Friday.

    "In 2017, demand for OPEC crude is projected to be 32.7 mb/d, around 0.1 mb/d higher than in the last report and 0.8 mb/d higher than this year," OPEC said.

    Meanwhile, demand for OPEC crude for 2016 was revised upward by 0.1 mb/d to 31.9 mb/d due to a downward adjustment in non-OPEC supply.

    The cartel's output level is currently at an all-time high, with crude oil production rising 230,000 barrels per day to 33.83 million barrels daily in October, according to the International Energy Agency (IEA).

    In late September, OPEC member states reached a preliminary deal to set the output ceiling at 32.5-33 million barrels a day for the whole cartel in a bid to stem the ongoing slump in oil prices.

    Global oversupply and stagnating demand have caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Crude prices are currently fluctuating between $45-50 per barrel.

    Related:

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    OPEC Oil Output Increased by 230,000 Barrels to Record 33.8Mln Daily in October
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    oil, report, OPEC
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