Below are some of the key highlights from the OPEC’s monthly oil market report, released this Thursday.
“¢ 2019 global oil demand growth forecast unchanged at 1.29 million bpd.
“¢ 2019 demand for its crude averaging 30.83 million bpd, down 910,000 bpd from 2018.
“¢ Trims 2019 non-OPEC oil supply growth forecast by 60,000 bpd to 2.10 million bpd.
“¢ OPEC Dec. oil output, citing secondary sources, fell by 751,000 bpd m/m to 31.58 million bpd.
“¢ The fall in output was led by cuts in Saudi Arabia, Libya and Iran.
“¢ OECD oil inventories fell by 0.7million barrels m/m in November.
“¢ Now stands at 23 million barrels above the latest 5-year average.
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