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OPEC revises down forecast for 2019 crude oil demand on global slowdown

OPEC said demand for its crude would fall to 30.59 million barrels per day, 240,000 bpd less than predicted last month

Reuters  |  London 

Opec strategy still a winner for members despite oil price slide

cut its forecast for 2019 world on Tuesday due to slowing economies and expectations of faster supply growth from rivals, underlining its challenge to prevent a surplus even as it starts new production cuts.

In a monthly report, the Organization of the Petroleum Exporting Countries lowered its forecast for 2019 economic growth and said demand for its crude would fall to 30.59 million barrels per day, 240,000 bpd less than predicted last month.

OPEC, and other non-producers, an alliance known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from Jan. 1 to prevent excess supply building up. OPEC's share of that cut is 800,000 bpd.

In the report, said its fell by 797,000 bpd month on month to 30.806 million bpd in January. That amounts to 86 percent compliance with pledged cuts, according to a Reuters calculation.

First Published: Tue, February 12 2019. 18:17 IST
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