…Global economic growth forecast at 3.8% for 2017, 2018
21 February 2018, Sweetcrude, Lagos – Commercial oil stocks in the Organisation for Economic Co-operation and Development, OECD, rose in January 2018 (typical for the season) and remained 74 million barrels above the latest five-year average, representing a reduction of over 265 million barrels since January 2017.
The Organisation of the Petroleum Exporting Countries, OPEC, Secretary General, Mohammed Barkindo, disclosed this at the ongoing Nigeria International Petroleum Summit in Abuja.
OPEC and its partners, especially Russia, had held a Declaration of Cooperation to cut a combined 1.8 million barrel per day of output since January 2017 to boost oil prices.
The agreement which recorded an over 100 percent conformity, has since rallied oil price to $70 per barrel as at January this year.
Barkindo added that there are positive signs for the global oil market, as global economic growth is forecast at 3.8% for both 2017 and 2018.
“Indeed the IMF reported in Davos at the World Economic Forum that 122 countries around the globe have registered positive economic performances”.
“Correspondingly, global oil demand growth has also been on the rise; with the 2017 forecast having been revised up to now stand at 1.6 million barrels a day”.
“For 2018, the encouraging dynamic is set to continue with a forecast of 1.6 million barrels a day,” he said.