An OPEC report suggests world demand for its oil is outstripping supply.
The monthly demand forecast from the oil cartel shows estimated OPEC crude production last month averaged 28.97 million barrels a day. It also shows demand this year for OPEC oil averaging a daily 29.9 million barrels.
Friday's report comes two days after an OPEC meeting ended in disarray, with Saudi Arabia and other Gulf members unable to push through production increases. Iran led the grouping against within the Organization of The Petroleum Exporting Countries.
The U.S. Energy Information Administration expects world oil demand to outpace supplies later this year by the widest margin since 2007.
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