OPEC trims oil demand forecasts


OPEC on Tuesday trimmed its global oil demand forecasts for this year and next, as kingpin Saudi Arabia tries to cut output to bolster prices in a weakening market.

Secretary General of OPEC Mohammed Barkindo

In its latest monthly report covering October, OPEC said demand is expected to increase 1.5 million barrels per day (mbd) this year, down 40,000 mbd from its previous estimate, to give a daily total of 98.79 mbd.

The cartel said this reflected lower-than-expected demand in the Middle East and to a lesser degree in China.

For 2019, demand will likely grow by 1.29 mbd to 100.08 mbd — some 70,000 mbd less than in the September report.

President hasn’t mentioned minimum wage figure—Presidency

On the supply side, it said non-OPEC states are likely to increase output, led by the United States.

“Although the oil market has reached a balance now, the forecasts for 2019 for…

Read More…..Vanguard Newspaper