Paris — Supply and demand in the global oil market are likely to balance out by the end of 2018 thanks to a pick-up in demand, notably from the transport sector, oil cartel Opec said on Wednesday. Demand is projected to grow by 1.51-million barrels per day next year, compared to an already higher-than-expected 1.26-million increase in 2017, to reach 98.45-million barrels per day, Opec said in a monthly report. "Expansion in the transportation sector is expected to provide the bulk of oil demand growth," the report said. Expected strong economic expansion across the world will also underpin industrial and construction fuel demand, the cartel said. Opec’s own crude output is likely to edge up to 33.2-million barrels per day in 2018 from 32.8 in 2017, a smaller increase than previously thought. Falling output in Angola, Saudi Arabia, Venezuela and the United Arab Emirates meant that Opec pumped 133,000 barrels per day less in November than the previous month, according to secondary sou...
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