In its latest monthly report, OPEC left its 2019 global oil demand growth forecast unchanged at 1.21 million barrels per day, as reported by Reuters. Further details of the report revealed that the organization is expecting the 2019 demand for its crude to average 30.58 mln barrels per day, up 280,000 from the previous forecast.
Regarding the shale production in the U.S., OPEC said producers were increasingly “faced with costly logical constraints.”
According to the report, lower supply from Iran and the supply reduction deal caused the OPEC output to decline by 3,000 barrels per day to 30.031 million barrels per day in April.
There wasn’t a significant reaction from crude oil to the report and the barrel of West Texas Intermediate was trading at $61.50, adding 1.2% on a daily basis.
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