• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 2 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 57 mins Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 1 day CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 1 day NordStream2
  • 5 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 5 days Modest drop in oil price: SPRs vs US crude inventory build
  • 1 day "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 6 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 days 2019 - Attack on Saudi Oil Facilities.
5 Trillion Reasons To Be Bullish On Tesla

5 Trillion Reasons To Be Bullish On Tesla

Tesla has established a strong…

OPEC Cuts 2019 Global Oil Demand Growth Forecast  

OPEC revised down on Wednesday its forecast for global oil demand growth this year by 80,000 bpd to 1.02 million bpd, citing weaker demand in the first half and expectations of slower economic growth for the rest of the year.  

In its closely watched Monthly Oil Market Report, the cartel also trimmed its forecast for global oil demand growth in 2020 by 60,000 bpd to 1.08 million bpd, chiefly due to changes to the economic outlook for next year.

Demand for OPEC crude for 2019 was also cut—by 80,000 bpd to 30.6 million bpd, which would be 1 million bpd lower than the 2018 level. Demand for OPEC crude for 2020 is now seen at 29.4 million bpd, around 1.2 million bpd lower than the expected level for 2019.

OPEC’s revised estimates are now closer to what many analysts and investment banks predict—that global oil demand growth this year won’t exceed 1 million bpd by much.

Just yesterday, the EIA cut its oil demand growth forecast to 900,000 bpd, down by 100,000 bpd from the August forecast, noting that if the outlook materializes, this year would be the first year since 2011 in which demand growth hasn’t exceeded 1 million bpd.

OPEC said that weaker oil demand growth, which is expected to be outpaced by the strong growth in non-OPEC supply, “highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance.”  

Related: Iran Has Perfected The Art Of Hiding Its Oil Tankers

On the supply side, OPEC’s official figures for August production confirmed earlier survey estimates that the cartel boosted its production last month.  

OPEC raised its production by 136,000 bpd from July to 29.741 million bpd last month, driven by higher output in Saudi Arabia, Nigeria, and Iraq. The Saudis lifted production by 118,000 bpd to 9.805 million bpd, but still more than 500,000 bpd below their quota under the deal. Iraq, OPEC’s second-largest producer that has always had issues with keeping within its cap, lifted its oil production by 43,000 bpd to 4.779 million bpd—well above its 4.512-million-bpd quota.

Meanwhile, production in Venezuela plunged by another 43,000 bpd to average just 712,000 bpd in August, according to OPEC’s secondary sources.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • James Hilden-Minton on September 11 2019 said:
    For all those who doubt peak oil demand, observe that OPEC is already post peak for OPEC net demand. OPEC is pushing for a price above which total demand grows more slowly than non-OPEC supply. How long will OPEC keep conceding 1 mb/d each year in market share just so that prices can be high enough to destroy demand for OPEC oil?

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