 OPEC said on Monday world oil demand would grow faster than expected in 2018 because of a healthy world economy, adding a tailwind to the producer group's effort to remove a supply glut by cutting output. The Organization of the Petroleum Exporting Countries said world oil demand would rise by 1.59 million barrels per day (bpd) this year, an increase of 60,000 bpd from the previous forecast. "Recently, healthy and steady economic development in major global oil demand centres was the key driver behind strong oil demand growth," Vienna-based OPEC said in the report.
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