• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 5 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 31 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours What-If - Russia decided to take out the Saudi and Kuwait oilfields
  • 7 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "As the Earth Cools, the Climate Change Hoax Heats Up" by Michelle Edwards
  • 5 hours PROFOUND ! "Russian Ruble relaunched linked to Gold and Commodities" by the famous Ronan Manly -- (NOTE the censorship by the MultiPolar New World Order of The Great Reset))
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 day The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"

OPEC Continues To Cut Oil Demand Growth Forecasts

OPEC has revised down its oil demand growth estimates for this year and next—a third downward revision in as many months—citing potential headwinds to global economic growth ranging from trade disputes to weakening finances in emerging markets and geopolitical challenges.

In its closely watched Monthly Oil Market Report published on Thursday, OPEC revised down its global oil demand growth to 1.54 million bpd this year, down by 80,000 bpd from the estimate in the September report.

In last month’s report, the downward revisions from August were much smaller—by 20,000 bpd for global oil demand growth in both 2018 and 2019.

In its latest estimate, OPEC now sees global oil demand growth next year at 1.36 million bpd, down by around 50,000 bpd from last month’s assessment, to reflect expectations for lower economic growth for Turkey, Brazil, and Argentina. As a result, total world oil demand in 2019 is now expected to reach 100.15 million bpd. Oil demand growth will be mainly driven by India, followed by China and OECD America, OPEC said.

Among the reasons for reduced oil demand growth forecasts, the cartel cited potential headwinds for the world’s economic growth, with growth trends starting to diverge between and within regions.

“Global economic growth remains solid, but is facing potential headwinds. Following a period of relatively synchronized growth, the economic growth trends between, and within, major regions are increasingly diverging. While growth in the major OECD economies remains well supported, decelerating trends have become visible in some emerging markets and developing countries (EMDCs),” OPEC said.

Related: Trump Threatens Iran’s Oil Clients

Monetary tightening by central banks, weakening financial situations in some emerging markets and developing economies, rising trade tensions, and ongoing geopolitical challenges in some parts of the world are challenges to the global growth trend, OPEC said.

“The forecast considers that there will be no further significant rises in trade tariffs in major economies and that the impact of current disputes will remain limited. Moreover, it considers that EMDCs’ market wobbles will remain contained,” the cartel noted.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News