Last Updated: 2017-07-17
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KUWAIT, July 17 (NNN-KUNA) - Crude prices reached their lowest in seven months, during the last week of Jun, due to fears of oversupply and an abundance in oil reserves, a local report said.

"Data on rising oil output from Libya and Nigeria, showed the oil glut worsening, as the OPEC members expanded output, coming out of disruptions that curbed output over the past several years," according to KAMCO Investment.

Global oil demand grew to 1.5 million barrels a day, in the second quarter of 2017, after it was weak in the first quarter, on the backdrop of stronger annual growth in Organisation for Economic Co-operation and Development (OECD) member countries, and developing countries.

On the supply side, OPEC expects 2018 supply to grow by 1.14 million barrels a day, a 43 percent increase, as compared to the growth in 2017, with the US being the primary factor for this increase, the report suggested.

Global oil supply increased in Jun-17, by almost 0.66 million barrels a day, to average at 96.59 million barrels a day, as non-OPEC oil supply estimates for 2017 were lowered by 0.05 million barrels a day, to 0.8 million barrels a day, and are expected to average at 57.82 million barrels a day.-- NNN-KUNA