OPEC changes forecast for global oil demand growth
OPEC slashed its forecast for 2019 global oil demand growth to 1.21 million barrels per day (bpd) from 1.24 bpd, pointing out economic slowdown as the primary reason behind that decision.
As a result, total world demand for the year is now expected to reach 99.91 mb/d and exceed the 100 mb/d threshold during the second half of 2019, the report says.
The Organization of Economic Cooperation and Development (OECD) oil demand is anticipated to grow by 0.21 mb/d in 2019. In the non-OECD region, oil demand is foreseen rising by 1.00 mb/d, with lower Chinese oil demand growth partially offset by gains in the Middle East.