Nigeria supports OPEC cut extension under "the right terms"

Nigeria supports OPEC cut extension under

That's 56 percent higher than it forecast a year ago.

Transportation is one of the biggest clients for the oil industry, consuming about 44% of the oil produced around the world, and a massive shift towards electrification of vehicles should hit demand.

Crude oil prices lingered slightly in negative territory in early Tuesday trading after OPEC said it saw demand increasing, but some deceleration ahead.

North American shale production for 2017 is now seen at 5.1 million barrels a day, up by nearly a quarter from last year's World Oil Outlook report. OPEC economists said alternative-fuel vehicles made up about 2 percent of the market past year and will increase to 16 percent by 2040.

The price for Brent crude oil was down 0.28 percent to $64.09 per barrel as of 9:20 a.m. EST.

When the agreement was first reached in November 2015, Nigerian and Libya received exemptions from the agreement due to their lower than historic average resulting from militant attacks but as the output increased through 2017, OPEC confirmed that Nigeria has voluntarily joined the OPEC initiative with a production ceiling of 1.8 million barrels per day.

The surplus matters for OPEC, which is working to drain the excess with managed production declines. OPEC will then be required to increase its own output from about 33 million barrels a day in 2025 to 41.4 million in 2040, according to the report. China and India will lead the demand growth, offsetting declines in developed nations, it said. The rise in USA shale production forced OPEC to keep its own output stable, but cartel experts expect the trend to reverse over time on the back of increasing demand from developing nations.

The bank now sees global benchmark Brent crude fetching $62 a barrel in the final quarter of the year, up from an earlier estimate of $55. West Texas Intermediate, the USA benchmark for the price of oil, was down 0.17 percent to $57.25 per barrel.

OPEC assumes shale oil production growth will mostly originate from the USA, with some contribution from Canada, Argentina and Russian Federation over the forecast period to 2022. That would require drillers to start standing up 8 to 10 new rigs each month, but the analysts are uncertain that will happen.

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