LONDON / Reuters OPEC forecast higher demand for its crude in 2018 due to rising global consumption, and pointed to signs of a stronger oil market that suggest an OPEC-led production cut is getting rid of price-sapping excess supply. In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.42 million barrels per day ...

CAIRO / Reuters Egypt’s key inflation rates soared to multi-decade highs on the back of energy sub- sidy cuts agreed with the International Monetary Fund as a condition of its $12 billion three-year loan. Annual urban inflation for July hit a critical high of 33.0 percent from 29.8 percent in June, the official CAPMAS statistics agency said, the highest since ...

Reuters Freight rates for very large crude carriers (VLCCs) on Asian routes may have finally bottomed as owners attempt to resist moves by charterers to push rates still lower, brokers said. “This is a really bad market now. The floor keeps getting lower but I think there’s now resistance by owners,” said a Singapore-based supertanker broker. That came as VLCC ...