OPEC trims 2019 demand growth forecast to 0.98 million barrels per day
|The Organization of the Petroleum Exporting Countries (OPEC) on Thursday announced that it lowered 2019 global oil demand growth forecast to 0.98 million barrels per day (bpd), per Reuters. The organization, however, left the 2020 forecast unchanged at 1.08 million bpd.
Crude oil's reaction was relatively muted to these figures and the barrel of West Texas Intermediate was last seen trading at $52.80, up 0.4% on the day. Below are some additional key takeaways.
"OPEC's oil production in September fell 1.32 million bpd to 28.49 mln bpd, according to secondary sources."
"Saudi Arabia told OPEC its September oil production fell by 660,000 bpd to 9.13 million bpd."
"August OECD oil stocks 10 million barrels higher at 2.94 billion barrels, 11 million barrels above the 5-year average."
"OPEC revised 2020 demand for its crude up by 200,000 bpd to 29.6 million bpd, 1.2 million bpd lower than 2019 level."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.