10/10/2019, 1:45 PM (Source: TeleTrader)
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OPEC's output slumps amid attack on S. Arabia

The Organization of the Petroleum Exporting Countries produced 28.49 million barrels of crude per day on average last month or 1.32 million less than in August. The monthly report published on Thursday revealed the demand for the cartel's oil this year is seen at 30.7 million barrels per day or 0.1 million more than in the previous update and 0.9 million below last year's figure. The forecast for 2020 showed the group expects orders to decrease by 1.2 million barrels per day to 29.6 million on a rounded basis or 0.2 million more than in the previous estimate.

The production volume drop was driven by 1.28 million barrels per day in Saudi Arabia, to 8.56 million, as the country's key facilities suffered huge damage in a mysterious missile and drone attack on September 14.

OPEC said it forecast this year's growth in world demand to be 1.02 million barrels per day or 40,000 less than in the August estimate, to 99.84 million in total, followed by an unchanged 1.08 million to 100.92 million barrels per day. Non-OPEC supply growth this year is seen at 1.99 million, which is a downward revision of 0.16 million, to 64.4 million barrels per day. The predicted change for 2020 was cut by 50,000 to 2.25 million.

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