The Organization of Petroleum Exporting Countries (OPEC) raised its forecast for the global oil demand in 2017 by 140,000 barrels per day to 96.94 million barrels, shows the organization’s monthly report. The cartel has revised upwards its forecast for global demand growth this year by 74,000 barrels per day to 1.53 million barrels per day

According to the forecast of OPEC, the global oil demand growth in 2018 will be 1.51 million barrels per day and will reach 98.45 million barrels per day.

In October, OPEC predicts an increase in global oil demand in 2018 by 1.38 million barrels per day to 98.19 million barrels per day.

The OECD countries’ oil stocks fell in September by 23.6 million barrels to 2.985 billion but still exceeded the five-year average by 129 million barrels, shows the organization’s report for November.

According to preliminary data, the US oil reserves in October dropped by 37.4 million barrels to 1.257 billion barrels, which is 73 million barrels above the five-year rate.

In China, the oil stocks in September fell by 5.3 million barrels to 365.9 million barrels.

The OPEC+ quota deal participants are gearing up for their measures on oil trade indicators, which they seek to reduce to an average five-year level. They hope this goal will be achieved in the first quarter of 2018.

OPEC reported a decrease in the average yield of the cartel in October by 151,000 barrels per day to 32.59 million barrels per day. However, production still exceeds the target of 32.5 million barrels per day by 90,000 barrels. In September, the mining increased mostly in Angola and Libya, while in Iraq and Nigeria it declined to the greatest extent.