Oil will need to be closely watched in the coming months to ensure “a sound and sustainable market balance” during an expected surge in demand, OPEC said in its monthly oil market report.
The producers group maintained its bullish forecasts for global oil demand growth this year, predicting an annual increase of as much as 2.7 million barrels a day in the third quarter. In recent days a host of key figures in the market have said that oil consumption appears to be running hotter than expected, prompting warnings of $100 crude this summer.
