# Stop watching OPEC, start watching oil demand: Why an oil deficit is on its way - Financial Post

> Oil prices fell after OPEC and Russia extended production cuts for nine months, as OECD storage remained about 350 million barrels above normal. The author argues that rising northern hemisphere summer driving demand could tighten the market.

- Date: 2017-05-31 · published 2017-05-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/71159-stop-watching-opec-start-watching-oil-demand-why-an-oil-deficit-is-on-its-way
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Stronger expected fuel demand could firm crude prices, supporting energy-linked costs and biofuel economics for feed-ingredient markets.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- financialpost.com: https://financialpost.com/energy/stop-watching-opec-start-watching-oil-demand-why-a-1-million-bpd-oil-deficit-may-be-coming-soon/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.