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Commodities Briefing - Categorized | Market Moves, Oil, Trading more

OPEC sees weaker demand for its crude in 2013

Posted on 17 January 2013

OPEC expects demand for its crude to be lower than expected in 2013 because of higher supply from rival producers, indicating inventories could build up substantially even after a cut in output by top exporter Saudi Arabia.
The Organization of the Petroleum Exporting Countries’ monthly report indicated world supply will comfortably outstrip demand in the first half of 2013, even after Riyadh cut output in December by almost 500,000 barrels per day (bpd) to fend off a supply overhang and defend prices well above $100 (62.56 pounds) a barrel………………………………………..Full Article: Source


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