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    OPEC report confirms demands for cartel's oil to drop

    Repost
    PressTV

    by PressTV

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    At its Annual World Oil Outlook the Organization of Petroleum Exporting Countries admitted that demand for their oil could reduce by 1.1 million barrels per day by the year 2018. Shale oil, known within the industry as tight oil, is being extracted in huge quantities in North America and this is undermining OPEC's conventional oil supplies. OPEC says it’s seeking ways to diversify its resources.