In its monthly oil market report, OPEC, citing secondary sources, noted that the oil output in February decreased by 221,000 barrels per day to 30.459 million barrels per day amid the supply drop in Venezuela and the OPEC+ output cut agreement.
Key quotes (via Reuters)
- OPEC raises 2019 non-OPEC oil supply growth forecast by 60,000 bpd to 2.24 million bpd.
- Strong growth in 2019 non-OPEC output highlights need for OPEC+ producers in supply-cutting deal to continue supporting market stability in 2019.
- OPEC sees 2019 demand for its crude averaging 30.46mln bpd, down 130,000 from previous forecast.
- OPEC leaves it’s 2019 global oil demand growth forecast unchanged at 1.25mln.
- OPEC urges oil producers to prevent return of surplus this year.
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