Economy

OPEC Lowers Growth Forecast of World Oil Demand

OPEC Lowers Growth Forecast of World Oil Demand

He recalled that last November OPEC and other producers, headed by Russian Federation, agreed to cut production by 1.2 million bpd.

OPEC+ has overcomplied on average with its agreed cut of 1.2 million barrels per day (bpd) as Iranian and Venezuelan exports collapsed due to sanctions.

The weaker outlook amid a US-China trade dispute and Brexit could press the case for the Organization of the Petroleum Exporting Countries and allies including Russian Federation to maintain or adjust their policy of cutting output.

"This highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance", the report said.

He is due to attend an OPEC ministers meeting on Thursday when the cartel will review its production cut arrangement with several non-OPEC states, notably Russian Federation, which appears to have provided some support for prices.

Oil prices LCOc1 pared an earlier gain after the report was released to sit just below $63 a barrel. Despite the OPEC-led cut, oil has tumbled from April's 2019 peak above $75, pressured by trade concerns and an economic slowdown. The ongoing trade dispute also made it hard for US shale shipments to find markets in recent months, the IEA said. Additionally, U.S. sanctions on Iran and Venezuela have reduced further bets on global supplies.

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Elsewhere, Saudi Arabia and Russian Federation, the leaders of the alliance undertaking crude oil supply adjustments, have said they aim for "full conformity" from all members of the super-group to curb output and boost oil prices.

The demand for OPEC crude will average 29.40 million barrels per day next year, OPEC said, down 1.2 million barrels per day from this year.

Crude oil output increased mostly in Saudi Arabia, Nigeria, Iraq and the UAE, while it declined mainly in Venezuela, Iran, I.R., Libya, Kuwait and Algeria, reads the report. It was the first increase this year.

Iraq, the "second-largest crude producer in the 14-member organization is often labeled OPEC's "problem child" for chronically overproducing even as the group tries to curb output during a time of low oil price", reports CNBC. Saudi Arabia continues to pump far less than its quota of 10.311 bpd.

The IEA said that, over the final three months of the year, the U.S.


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