Oil prices steady as Saudis pump more; OPEC sees strong demand

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This comes as OPEC forecasts higher demand for its oil in 2018 and its production-cutting deal with rival producers was clearing the glut after more than three years of excess.

Good compliance with production caps, "strong" demand and slower-than-expected growth in US shale output have helped accelerate the rebalancing, he said.

Opec said the world would need 33.06 million barrels per day (bpd) of its crude next year, up 230,000 bpd from its previous forecast. It said that Aramco planned to supply 7.15 million barrels a day, "despite a very strong demand", which exceeds 7.7 million barrels a day.

The figures mean Opec has complied 98 per cent with the cutback pledge, according to a Reuters calculation, up from 83 per cent initially reported in August as the September rise was led by Nigeria and Libya which are exempt from the cut.

OPEC, along with other producers including Russian Federation, agreed to cut output by 1.8 million barrels per day (bpd) through March 2018 to balance the market.

Opec now sees the global economy growing by 3.6 per cent this year and by 3.5 per cent in 2018, an increase by a tenth of a per centage point.

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The Organization of the Petroleum Exporting Countries (OPEC) is trying to reinstate its dominance in the oil industry by trying to maintain crude prices at a sustainable level.

Oil prices also gained support by the International Monetary Fund's prediction that global economic growth is expected to be 3.6% this year and 3.7% next year.

Saudi Arabia and Russian Federation are now leading consultations between the Organization of Petroleum Exporting Countries and other major suppliers about the future of their agreement to cut oil output, Barkindo said Sunday in New Delhi.

There is concern among some traders that OPEC will not follow through on its cuts, and that the group of companies that make up the group will decide to increase output as prices rise to take advantage of the higher prices.

Let's take a closer look at five oil-related stocks that you may want to consider ahead of next month's OPEC meeting.