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Gulf OPEC exporters expect higher demand in 2016
(MENAFN- Arab News) LONDON: Oil prices rose on Thursday after a power outage closed the UK's largest oilfield and following data showing a fall in crude inventories and strong demand from refineries in the US.
Oil prices have fallen steadily over the last two months and both crude benchmarks are down more than 15 percent from June peaks.
The Organization of the Petroleum Exporting Countries is now producing about 2.5 million bpd more crude than needed analysts say filling inventories worldwide.
OPEC sees world oil demand increasing by 1.34 million barrels per day in 2016 up from growth of 1.28 million bpd this year.
OPEC oil supply may be about to rise as Iran increases output following a deal with six global powers over its nuclear program.
Brent crude for August was up 80 cents at $57.85 a barrel by 1320 GMT. US light crude also known as West Texas Intermediate or WTI was up 50 cents at $51.91.
2016 will be a tough year for OPEC when international sanctions on Iran are expected to ease allowing it to boost oil production and exports.
Gulf OPEC exporters including Saudi Arabia are betting that higher demand next year may help the market absorb extra volume.
They doubt that Iran's return would pose a serious challenge to their market share or force OPEC to address Iran's request for room to be made for it in the market at least for now.
Oil prices have fallen steadily over the last two months and both crude benchmarks are down more than 15 percent from June peaks.
The Organization of the Petroleum Exporting Countries is now producing about 2.5 million bpd more crude than needed analysts say filling inventories worldwide.
OPEC sees world oil demand increasing by 1.34 million barrels per day in 2016 up from growth of 1.28 million bpd this year.
OPEC oil supply may be about to rise as Iran increases output following a deal with six global powers over its nuclear program.
Brent crude for August was up 80 cents at $57.85 a barrel by 1320 GMT. US light crude also known as West Texas Intermediate or WTI was up 50 cents at $51.91.
2016 will be a tough year for OPEC when international sanctions on Iran are expected to ease allowing it to boost oil production and exports.
Gulf OPEC exporters including Saudi Arabia are betting that higher demand next year may help the market absorb extra volume.
They doubt that Iran's return would pose a serious challenge to their market share or force OPEC to address Iran's request for room to be made for it in the market at least for now.
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