OPEC Cuts 2019 Oil Demand Forecast

February 12, 2019

© Michael Flippo / Adobe Stock
© Michael Flippo / Adobe Stock

OPEC cut its forecast for 2019 world oil demand on Tuesday due to slowing economies and expectations of faster supply growth from rivals, underlining its challenge to prevent a surplus even as it starts new production cuts.

In a monthly report, the Organization of the Petroleum Exporting Countries lowered its forecast for 2019 economic growth and said demand for its crude would fall to 30.59 million barrels per day, 240,000 bpd less than predicted last month.

OPEC, Russia and other non-OPEC producers, an alliance known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from Jan. 1 to prevent excess supply building up. OPEC's share of that cut is 800,000 bpd.

In the report, OPEC said its oil output fell by 797,000 bpd month on month to 30.806 million bpd in January. That amounts to 86 percent compliance with pledged cuts, according to a Reuters calculation.


(Reporting by Alex Lawler Editing by Edmund Blair)

Categories: Oil Production

Current News

Reserves at Snoehvit Gas Field Cut

Reserves at Snoehvit Gas Field Cut

Total Moves into Offshore Wind

Total Moves into Offshore Wind

Oil-gas Optimism Reigns, Study Finds

Oil-gas Optimism Reigns, Study Finds

National Grid Seeks Approval of Revolution Wind

National Grid Seeks Approval of Revolution Wind

Offshore ROV Market: $330m by 2025

Offshore ROV Market: $330m by 2025

World’s Largest Offshore Wind Farm Generates First Power

World’s Largest Offshore Wind Farm Generates First Power

SeaMade Consults Waves Group on Offshore Wind Farms

SeaMade Consults Waves Group on Offshore Wind Farms

Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week