OPEC cuts oil demand outlook, building case to keep supply curbs. LONDON (Reuters) - OPEC has cut its forecast for growth in global oil demand due to trade disputes and pointed to the risk of a further reduction, building a case for prolonged supply restraint in the rest of 2019. In its monthly report, OPEC said that world oil demand is now expected to rise by 990,000 barrels per day (bpd) this year - roughly 19 percent less than previously forecast. More: Despite the supply cut, oil has tumbled to $62 a barrel from April's 2019 peak above $75, pressured by concern over the U.S.-China trade dispute and an economic slowdown, though prices jumped 4% on Thursday after suspected attacks on two oil tankers in the Gulf of Oman. OPEC increased its 2020 world oil demand growth forecast by 140,000 barrels to 1.22 million barrels a day, raised global economic growth forecast to 3.1% The logo of the of the Organization of the OPEC, in the report, lowered its forecast for world economic growth in 2020 to 3.1% from 3.2% and said next year’s increase in oil demand would be outpaced by “strong growth” in supply from OPEC has also cut its oil demand outlook due to the outbreak impact. Yahoo Finance's On the Move panel discusses the implications. Concern surrounding the coronavirus is escalating as the death At present, recession or not, the cartel's compliance with OPEC/non-OPEC cuts has on occasion run at 163% going by S&P Global Platts data, and June headline production has come in as low as 29.60 million bpd (down 170,000 bpd from May), according to the latest Reuters survey.
Feb 25, 2020 The outlook for crude looks worrisome and not constructive, with expectations that the market will return to surplus over H12020. Global oil Feb 11, 2020 EIA's global petroleum supply forecast assumes that the Organization of the Petroleum Exporting Countries (OPEC) will reduce crude production
Feb 12, 2020 OPEC has cut its forecast for oil demand growth this year, citing China's coronavirus outbreak as the "major factor" behind its decision.
Nov 30, 2016 With the cut, OPEC's production will drop by 1.2 million barrels daily to a growth business, with oil demand in OPEC's 2016 World Oil Outlook Jul 14, 2019 OPEC has lowered the demand forecast for its oil for next as a production cut deal impacts its market share. Organization of Petroleum OPEC cuts oil demand outlook for the year, citing the coronavirus outbreak in China as a 'major factor'
Jun 17, 2019 Both the International Energy Agency (IEA) and OPEC have cut their estimates for 2019 world oil demand growth in their latest monthly reports.