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7/11, 1:10 PM (Source: TeleTrader)
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OPEC sees fall in demand for its oil next year

The Organization of the Petroleum Exporting Countries produced 29.83 million barrels of crude per day on average last month or just 68,000 less than in May. The monthly report published on Thursday revealed the demand for the cartel's oil this year is seen at 30.6 million barrels per day or 0.1 million more than in the previous update and one million below last year's figure. The forecast for 2020 showed the group expects orders to decrease by a further 1.3 million barrels per day.

The production volume was driven 142,000 barrels per day lower in June in sanctions-stricken Iran, to 2.23 million, followed by a fall of 57,000 in Angola to 1.42 million per day, according to secondary sources. Nigeria had the biggest increase, by 129,000 to 1.86 million barrels per day, followed by Saudi Arabia's rise by 126,000 barrels to 9.81 million.

OPEC said the forecast for this year's growth in world demand remained at 1.14 million barrels per day to 99.87 million in total, followed by a flat 1.14 million to 101.01 million barrels per day. Most of the increase was attributed to Asia and China.

Breaking the News / IT