Sunday , June 13 2021

OPEC reduces demand for oil

OPEC yesterday reduced its forecast for global oil demand in 2019 due to slowing economies and expectations of faster growth in supply to competitors, highlighting the scale of the challenge facing the organization to prevent supply bottlenecks when they start new production reductions.

The Organization of Petroleum Exporting Countries (OPEC) cut its monthly forecast for economic growth in 2019 and said demand for crude oil would fall to 30.59 million barrels a day (bpd), down from 240,000 .t. of the forecasts last month.

OPEC, Russia and other non-OPEC producers agreed in December to cut supplies by 1.2 million barrels per day (bpd) from January 1 to prevent surplus supplies, with OPEC's quota 800,000 barrels per day.


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