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OPEC Sees Demand For Its Crude Oil Lower In 2019

The Address | Benghazi – Libya

VIENNA – OPEC expects demand for its crude oil to average 31.4 million bpd in 2019, down by 100,000 bpd from last month’s forecast, which suggests that the cartel would need to strictly stick to the new production cuts and rely on continued declines from exempt members Iran and Venezuela if it wants to prevent an oversupply.

In its closely watched Monthly Oil Market Report, OPEC said on Wednesday that demand for OPEC crude in 2019 was revised down by 100,000 bpd compared to the previous report to stand at 31.4 million bpd—down by 1.0 million bpd lower than the 2018 level.

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