Opec cuts 2019 oil demand growth forecast

Opec cuts 2019 oil demand growth forecast

Opec cut its forecast for global oil demand on Thursday, a move that should help build the case for continuing oil supply curbs from some of the world’s biggest producers in the second half of 2019.

Oil consumption will increase by just over 1.14m barrels a day this year, which is 70,000 b/d less than prior expectations, Opec’s research arm said in a monthly market report.

Escalations in trade disputes between the US and China, poorer economic performance from Brazil, Russia and India and other uncertainties present further risks for oil demand.

“Recent escalations in trade disputes are expected to lead to lower economic growth rates,” Opec said. Read More

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