OPEC cuts 2019 oil demand forecast on global slowdown

0
74
© Reuters. FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside their headquarters in Vienna© Reuters. FILE PHOTO: The logo of the Organization of the Exporting Countries () is seen outside their headquarters in Vienna

(Reuters) – OPEC cut its forecast for 2019 world oil demand on Tuesday due to slowing economies and expectations of faster supply growth from rivals, underlining its challenge to prevent a surplus even as starts new production cuts.

In a monthly report, the Organization of the Petroleum Exporting Countries lowered its forecast for 2019 and said demand for its crude would fall to 30.59 million barrels per day, 240,000 bpd less than predicted last month.

OPEC, Russia and other non-OPEC producers, an alliance known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from Jan. 1 to prevent excess supply building up. OPEC’s share of that cut is 800,000 bpd.

In the report, OPEC said its oil output fell by 797,000 bpd month on month to 30.806 million bpd in January. That amounts to 86 percent compliance with pledged cuts, according to a Reuters calculation.

Article continues below Advertisement...
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, ) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com