6/13, 12:40 PM (Source: TeleTrader)
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OPEC cuts global oil demand growth for 2019

The global oil demand is expected to increase by 1.14 million barrels per day in 2019, marking a lower expansion than previously anticipated, according to the Organization of the Petroleum Exporting Countries (OPEC) monthly report released on Thursday. According to the organization, global crude growth was cut due to the weakened oil demand data in OECD countries in the first quarter of the year. Meanwhile, India and China are expected to generate the main demand growth throughout the year.

The global non-OPEC oil supply in 2019 is forecasted the rise by 2.14 million barrels per day, unchanged from the last month's estimate. Last year, global expansion was recorded at 2.91 million barrels per day. The growth in oil supply has been estimated despite the downward revision of the United States, Norway and Brazil supply due to the unexpected decline in output for this year.

The US is set to continue to lead the non-OPEC supply expansion throughout the year, followed by Brazil, Russia, China, Australia, and the United Kingdom. Meanwhile, the largest drops in supply are expected in Mexico, Norway, Kazakhstan, Indonesia, and Vietnam.

Breaking the News / VK