OPEC, in its monthly oil market report, sees demand for its crude averaging 31.54 million bpd in 2019, down 250,000 bpd from the prior forecast.
Key highlights:
“¢ Sees widening excess supply in the oil market in 2019.
“¢ Non-OPEC supply set to rise faster that world demand.
“¢ 2019 global oil demand growth to slow to 1.29 million bpd, down 70,000 bpd from the prior forecast.
“¢ OPEC Oct. oil output (citing secondary sources) rose 127,000 bpd m/m to 32.90 million bpd, despite lower Iranian output.
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