OPEC raises oil demand forecast

OPEC raises oil demand forecast

OPEC raised its forecast for world oil consumption in 2017 and 2018 for a third-straight month. 

OPEC forecasts the world's appetite for oil will grow by 1.5 million bpd this year and 1.4 million bpd in 2018. The cartel raised both forecasts by 30,000 bpd. It cited higher-than-expected demand in China and developed nations this year and an improving economic outlook in 2018, particularly in Russia and China.

OPEC lowered its forecast for output growth from producers outside OPEC by 100,000 bpd in 2017 and 60,000 bpd in 2018, CNBC reported.

OPEC's 14 members pumped 32.75 million barrels a day in September, up about 88,500 barrels, according to independent sources cited in the group's monthly report.