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OPEC hikes its 2018 forecast for oil supply growth on a flood of US crude

February 12, 2018

OPEC said Monday it expects demand for oil to grow faster than it originally expected in 2018, but the organization also sees supplies from beyond the producer group surging this year, driven by rising U.S. output.

A monthly report also showed OPEC’s production was little changed in January as the group continues to limit its output for a second year in order to balance an oversupplied market. However, key members like Iraq raised their output in January.

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