OPEC sees lower demand for its oil in 2018, points to surplusWorld demand for OPEC’s crude will decline next year as U.S. shale producers and other rivals pump more, OPEC said on Wednesday, suggesting the oil market will see a surplus in 2018 despite an OPEC-led output cut. OPEC also reported a jump in its June output to levels above the forecast of average global demand for its crude this year and next, hindering efforts to reduce a glut if it persists. OPEC officials are still upbeat on the outlook.

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