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OPEC cuts oil demand estimate in 2019

Xinhua Financein VIENNA
2018-10-12 15:37

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OPEC on Thursday lowered its estimate for the global oil demand next year due to the slower economic growth and U.S. shale output growth.

The monthly report of the Organization of the Petroleum Exporting Countries (OPEC) said in its latest report that the world oil demand growth is to decline to 1.36 million barrels a day in 2019 from 1.54 million barrels a day this year.

The cartel believed that the slowing economic growth and the increase of the world oil supply, led by the U.S. shale output rise are the reasons of oil demand decrease.
The oil price rose in the past months due to the U.S. sanctions on Iran.
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