105996228-1561957845624gettyimages-979505604.jpeg
GENERAL

OPEC downgrades forecast for oil demand progress in 2019 and 2020 – Information by Automobilnews.eu

Bild

OPEC downgrades forecast for oil demand progress in 2019 and 2020


VIENNA, AUSTRIA – 2018/06/20: OPEC emblem is seen on the Organisation of Petroleum Exporting International locations (OPEC) constructing in Vienna. The 174th OPEC assembly shall be held on the 22th June 2018 in Vienna. (Photograph by Omar Marques/SOPA Photos/LightRocket by way of Getty Photos)

SOPA Photos | LightRocket | Getty Photos

OPEC downwardly revised its forecast for oil demand progress for the second consecutive month on Wednesday, constructing the case for one more spherical of manufacturing cuts from the Center East-dominated group of producers.

In a closely-watched month-to-month report, OPEC minimize its forecast for world oil demand progress for the rest of this yr to 1.02 million barrels per day (b/d). That is down 80,000 b/d from its August estimate.

The group, which consists of a number of the world’s strongest oil-producing nations, attributed the downgrade to weaker-than-expected financial knowledge within the first-half of the yr and deteriorating progress projections for the rest of 2019.

In 2020, OPEC stated it sees world oil demand rising by 1.08 million b/d. This represents a downward adjustment of 60,000 b/d from the earlier month’s evaluation, “primarily to accommodate adjustments to the world financial outlook.”

The report comes as OPEC and allied non-OPEC companions, typically known as OPEC+, put together to satisfy in Abu Dhabi on Thursday.

The assembly is probably going to supply essential clues about how far a few of OPEC’s strongest gamers are keen to go to get costs on a firmer footing.

Manufacturing cuts

Worldwide benchmark Brent crude traded at round $63.09 a barrel Wednesday morning, up round 1.1%, whereas U.S. West Texas Intermediate (WTI) stood at $58.15, greater than 1.2% increased.

The complete coalition will collect once more in Vienna on the finish of the yr to determine whether or not any additional motion is required for 2020.

OPEC+ is predicted to reaffirm its dedication to rebalancing the market at its September 12 assembly, with OPEC kingpin Saudi Arabia poised to double down on its “no matter it takes” message.

Alongside Russia and different allied producers, OPEC agreed to scale back output by 1.2 million barrels a day firstly of 2019. That deal changed a earlier spherical of manufacturing cuts that started in January 2017.

OPEC downgrades forecast for oil demand progress in 2019 and 2020 – Information by Automobilnews.eu
Comments

TOP STORIES

Bild
To Top
SELECT LANGUAGE »