OPEC lowers oil-demand forecast for 2019, 2020

Discussion in 'Market News' started by sniper-academy, Sep 11, 2019.

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  1. sniper-academy

    sniper-academy Administrator Staff Member

    Sep 30, 2011
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    The Organization of the Petroleum Exporting Countries in its monthly report lowered its forecast of world oil demand in 2019 to growth of 1.02 million barrels a day, citing weaker-than-expected data in the first half from various global demand centers and slower economic growth projections for the remainder of the year. It also lowered its 2020 world oil demand view, seeing growth of 1.08 million barrels a day. OPEC also increased its assessment of non-OPEC oil supply growth, to 1.99 million barrels, mostly on the U.S. but also Brazil, China, the U.K., Australia and Canada. Light sweet crude-oil futures rose 69 cents to $58.09 a barrel in electronic trade.

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