OPEC on Thursday cut the forecast of global demand for its oil this year as riva...
LONDON - OPEC on Thursday cut the forecast of global demand for its oil this year as rivals boost production, building a case for extending supply curbs beyond June to stop any new glut.
In a monthly report, the Organization of the Petroleum Exporting Countries said 2019 demand for its crude would average 30.46 million barrels per day, 130,000 bpd less than forecast last month and below what it is currently producing. “This highlights the continued shared responsibility of all participating producing countries to avoid a relapse of the imbalance and continue to support oil market stability in 2019.”
Despite the new curbs, market indicators followed by OPEC will prolong concerns about excess supply. OPEC’s report said oil inventories in developed economies were above the five-year average in January.OPEC’s share of the cut is 800,000 bpd, and the report showed producers were over-delivering.
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