OPEC on Wednesday further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside, adding a new challenge to the group’s efforts to support the market next year.
In a monthly report, the Organization of the Petroleum Exporting Countries said world oil demand next year would rise by 1.41 million barrels per day (bpd), 20,000 bpd less than last month and the second consecutive reduction in the forecast.
The report provides further indication the rapid oil demand that helped OPEC and allies get rid of a supply glut will moderate in 2019. OPEC last month said global growth faced “numerous challenges”, although its latest report suggests concern about them has deepened. Reuters