OPEC has cut its 2019 global oil demand growth forecasts for the third straight month, citing trade disputes and volatile emerging markets, particularly in key consuming countries, Reuters reported.
The monthly report stated that world oil demand growth would increase by 1.36 million barrels per day (b/d) next year, a 50,000 b/d fall from the previous month’s report.
OPEC also cut the estimated demand for its own crude by 300,000 b/d from the last report to 31.8 million b/d, marking a 900,000 b/d reduction in demand from the projection for 2018.
OPEC’s production rose by 132,000 b/d in September to 32.76 million b/d, its highest since August 2017.
Saudi Arabia and Libya increased output by 108,000 b/d and 103,000 b/d respectively. This offsetted the decline in Iranian production, which fell by 150,000 b/d to 3.447 million b/d, according to secondary sources.
OPEC reported a smaller 51,000 b/d fall in Iranian production, totaling at 3.775 million b/d.
The cartel also cut its 2019 growth forecasts for non-OPEC oil supply by 30,000 b/d to 2.12 million b/d.