ALGIERS, Algeria — A meeting of OPEC and its allies ended without any decision to further increase oil output despite President Donald Trump’s call for lower prices. OPEC and Russia have capped production since January 2017 to bolster prices. Output fell below those targets this year, and in June the same countries agreed to boost the oil supply. “Markets are quite balanced today, there’s plenty of supply to meet any customer that needs it.”Also Sunday, OPEC released its World Oil Outlook 2040 report. Oil demand is forecast to increase by 14.5 million barrels a day to a total of 111.7 million barrels in 2040, driven by an expanding middle class and economic growth in developing countries.

Source: National Post September 23, 2018 18:00 UTC