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IRAN Energy News Agency
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel

OPEC Forecasts Lower Oil Demand for 2019

The world will need 32.05 million barrels per day (bpd) of crude from its 15 members in 2019.

OPEC on Monday forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.

In a monthly report, the Organization of the Petroleum Exporting Countries said the world will need 32.05 million barrels per day (bpd) of crude from its 15 members in 2019, down 130,000 bpd from last month’s forecast.

OPEC said its oil output in July rose to 32.32 million bpd, above the demand forecast, despite a surprise cut in output by Saudi Arabia just weeks after OPEC and its allies had agreed to boost supplies.

 

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