You are here: Home » International » News » Others
Business Standard

OPEC says it replaced Iran oil loss, cuts 2019 demand forecast by 0.3%

OPEC said its oil output fell by only 11,000 barrels per day, month on month, to 32.97 million bpd in November, despite President Donald Trump's reimposition of sanctions on Iran

Reuters 

OPEC on Wednesday said it replaced a drop in Iranian exports as US sanctions resumed and lowered the 2019 forecast of demand for its crude, underlining its challenge to prevent a glut building even after last week's decision to trim output. In a monthly report, OPEC said its oil output fell by only 11,000 barrels per day, month on month, to 32.97 million bpd in November, despite President Donald Trump's reimposition of sanctions on Iran, as Saudi Arabia pumped at a record rate. The Organization of the Petroleum Exporting Countries also said 2019 demand for its crude ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Wed, December 12 2018. 18:02 IST
RECOMMENDED FOR YOU