The oil market was dramatically down in 2016. However the OPEC (The organisation of Petroleum Exporting Countries) foresees a rising of oil consumption particularly in Africa and North Africa for 2018.
After the OPEC’s report on worldwide oil consumption, the Brent prices pushes the market. Oil in Africa and Europe are revived by the economic upturn. After the projections, in 2018 the oil consumption might reach 32,4 bpd (millions of barrels per day) meaning 220 000 bdp more than last year.
Since July, the production of crude oil had increased of 173 000 bpd with almost 33 millions bpd. This is due to the both Libya and Nigeria exempted from the oil regulation.
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