OPEC has lowered its forecast for oil demand

ОПЕК ухудшила прогноз спроса на нефть

The forecast reduction is mainly due to lower-than-expected oil consumption in the OECD countries.

The organization of countries-exporters of oil (OPEC) has lowered the forecast of growth of oil demand in 2018 for 80 thousand barrels per day to 1.54 million b/d. As stated in the last monthly report of the cartel, at the end of this year, OPEC now expects demand for oil at $ 98,79 million b/d.

The forecast reduction is mainly due to lower-than-expected oil consumption in OECD countries (-30 thousand b/d) and Asia Pacific (-20 thousand b/d), and also due to the difficult economic situation in Latin America.

According to forecasts, in 2019, the demand for oil will grow by 1.36 million b/d, which is 50 thousand b/d less than expected a month ago. As a result, OPEC expects that next year demand for oil will be 100,15 million b/d.

As noted in OPEC oil demand next year will depend on Asian countries, primarily India and China.

Earlier, oil prices rose due to OPEC’s decision on additional increase in oil production to compensate for the possible reduction of supply from Iran.

 

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