OPEC expects demand for crude to fall in 2019

by **claud39** Wed Dec 12, 2018 9:47 am

http://economy-news.net/content.php?id=14714

OPEC expects demand for crude to fall in 2019

12/12/2018

Economy News Baghdad:

OPEC said on Wednesday it had offset a drop in Iranian exports as US sanctions on Tehran resumed and lowered its demand for oil in 2019, highlighting its challenge to prevent supply oversupply even after last week's cut in production .

In a monthly report, OPEC said its oil output fell only 11,000 bpd on a monthly basis to 32.97 million barrels per day in November, despite the re-imposition of US President Donald Trump sanctions on Iran, while Saudi Arabia pumped oil at a record rate .

The Organization of the Petroleum Exporting Countries (OPEC) said demand for its oil in 2019 would fall to 31.44 million barrels per day, less than 100,000 barrels from its forecast last month, as competitors pump more crude and curb the slowdown of the economy growth demand .

OPEC and its allies agreed last week to return to production cuts in 2019, pledging to cut production by 1.2 million bpd .