OPEC's production increases, but market keeps rebalancing

The oil and gas market is rebalancing. A proof of this is the constant elevation of the price of the barrel, which this year has already reached about US $70. However, OPEC disclosed that the production of the group members was raised in the end last year. Climbed 42000 barrels a day, for an average of 32,420,000 barrels in December.

But, it seems, that high has not yet represented great impacts on the offer and the process of rebalancing continues in progress, even result of the efforts of the group members to cut the daily production in 1.8 million barrels. In the report, OPEC has stated that the future contracts of the Brent-type keg have risen 22% over 2017, for an average of US $55 per barrel. This month, Brent has reached the highest level in three years.

For this year, OPEC's forecast on demand for oil was maintained at 1,530,000 barrels a day. However, the world oil offerings have risen and despite the positive data, it is still a worrying point for the valuation of the commodity.

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