OPEC trims 2019 demand growth forecast to 0.98 million barrels per day

Eren Sengezer FXStreet

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."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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