OPEC has lowered the forecast of growth in oil demand

ОПЕК снизила прогноз роста спроса на нефть

In January, OPEC reduced oil production by 797 thousand barrels per day – up to 30.8 million barrels.

OPEC has lowered the forecast of growth in global oil demand in 2019 by 50 thousand barrels per day to 1.24 million barrels. As stated in the report of the organization, a revision is due to the expected slowdown in economic growth in the countries of the American continent, Europe and the Middle East.

According to the report, OPEC in January lowered oil production by 797 thousand barrels per day – up to 30.8 million barrels, mainly due to Saudi Arabia and the UAE.

Thus, according to secondary sources, OPEC, Saudi oil production in January fell by 350 thousand Barr./day. – up to 10.2 million 146 thousand barrels decreased average daily production in the UAE to 3.1 million bbl./day 90 thousand was reduced rate in Kuwait – up to 2.7 million barrels per day. While Saudi Arabia has informed OPEC that its January production decreased by 400 thousand barrels per day.

OPEC countries participate in OPEC agreements regarding the reduction of production in the first half of 2019 at 1.2 million barrels per day.

Commercial stocks of oil and oil products in OECD countries in December 2018 declined relative to November of 10.8 million barrels – up to 2,851 billion barrels.

Thus, the figure was 2.5 million barrels below last year’s level, but at 28 million barrels above the average for the five years. The stocks directly in the oil was 50 million barrels above the five-year norm, while oil stocks were 22 million barrels below normal.

At this level, the reserves met the needs of the OECD countries in oil and oil products for a period of 59.5 days is 0.4 days below the level in December 2017 and 0.8 days below normal.

We will remind, on December 7, OPEC countries agree on reducing oil production in 2019 at 1.2 million barrels per day. Of this amount, the decline of 800 thousand barrels per day will come from OPEC countries and the remaining 400 thousand b/d – for countries outside the cartel.

 

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