OPEC sees slower 2019 oil demand growth, warns on economy

By  Trend

OPEC on Wednesday further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside, adding a new challenge to the group’s efforts to support the market next year, Reuters reports.

In a monthly report, the Organization of the Petroleum Exporting Countries said world oil demand next year will rise by 1.41 million barrels per day, 20,000 bpd less than last month and the second consecutive reduction in the forecast.

OPEC also said oil output from its 15 members rose in August by 278,000 bpd to 32.56 million bpd, following June’s agreement to ease a supply-cutting deal.