In June this year, however, after months of cutting by more than their pact had called for, largely due to involuntary reductions from Venezuela and other producers, they agreed to boost output by returning to 100 percent compliance. The estimates from this year's report are a slight increase from those of the previous year.
OPEC and Russian Federation have capped production since January 2017 to bolster prices. Thereafter, it should rise steadily, reaching almost 40 million bpd by 2040, OPEC said.
To reflect rising US oil exports, CME Group Inc said on Monday it will launch a WTI Houston crude futures contract in the fourth quarter. "The long-term focus for additional liquids remains on OPEC".
Brent was trading up 2.28% at $80.60 a barrel on Monday, while West Texas Intermediate - the US benchmark - was trading up 1.81% at $72.06 a barrel on the New York Mercantile Exchange.
Oil extends gains near the highest level in nearly 4 years.
Portfolio managers have boosted their net position in Brent by 143 million barrels in the last four weeks, an increase of 44 percent, including by 51 million barrels in the two most recent weeks. That suggests OPEC's power to influence the market will be tempered by USA production for about another decade.
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Al Falih offered the persuasive argument, which has been voiced by some of the cooler-headed western analysts, that "There are geopolitical tensions that have contributed to the markets and to price escalation, and we will try to address those". "That is one of the reasons we have cruised toward $80", he said. However, the pace of growth will slow over time.
It said demand for its crude would rise by 7.3 million bpd to 2040 and for all its liquids by 10.5 million.
Iranian leaders have already threatened to disrupt oil shipments through the Strait of Hormuz, the world's busiest sea route for crude oil exports. However crude's share will fall to 28% by then, down from 32% in 2015.
The cartel says that China and India will drive growth in energy demand through 2040, and that oil will continue to remain the biggest source of energy despite a global push for cleaner resources.
"I think what they are doing actually is (leading to) higher prices because the fundamentals even do not warrant this level of prices", Kazempour said.
Declining demand for OPEC crude is a result of strong non-OPEC supply in the 20172023 period, most notably from US tight oil, the Organization of the Petroleum Exporting Countries said in its long-term world oil outlook.
The United States will increase tight oil production to 13.4 million bpd in 2023 from 7.4 million bpd in 2017, with total USA output reaching 20 million bpd, OPEC said. Seeking to reverse a downturn in oil prices that began in 2014, Opec, Russia and other allies decided in late 2016 to reduce supply by some 1.8 million bpd.