By AFP
An
OPEC branded flag sits on a table ahead of the 169th Organization of
Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria. PHOTO:
Akos Stiller/Bloomberg via Getty Images
After months of sharp
oil price rises there is now considerable uncertainty as to the market’s
direction for the rest of the year, OPEC said on Tuesday as a key
meeting of oil producers looms.
Question marks over global economic growth, and resulting oil demand,
as well as over US producers’ capacity to pump oil at an ever faster
pace make forecasting difficult, the Organization of the Petroleum
Exporting Countries said in its regular monthly oil market report.
Various sources show that “considerable uncertainty as to world oil
demand and non-OPEC supply prevails”, OPEC said, leading to a wide range
of estimates for the remainder of 2018.
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