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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD consolidating as markets digest the new US-Sino trade truce

EUR/UDS is trading around 1.1030, little changed. Markets are digesting the US-Sino handshake deal that prevents new US tariffs that were planned for Tuesday. Euro-zone industrial output is due out.

EUR/USD News

GBP/USD falls toward 1.2550 as Brexit talks drag

GBP/USD extends its losses and falls toward 1.2550 as Brexit optimism fades. Intense weekend talks have failed to result in an accord. Negotiations continue ahead of the EU Summit. 

GBP/USD News

USD/JPY retreats from 2-1/2 month tops, still comfortable above 108.00 handle

A partial US-China trade deal on Friday weighed on the JPY’s safe-haven status. Traders now seemed inclined to book profit despite a pickup in the USD demand.

USD/JPY News

Gold climbs to session tops, inching closer to $1500 mark

Gold edged higher through the early European session and is currently placed at the top end of its daily trading range, around the $1495 region.

Gold News

Forex Today: Markets skeptical about US-Sino trade truce and sterling suffers a hangover as talks continue

Markets are cautious regarding the US-Sino partial trade deal. The world's largest economy agreed on a "hand-shake" agreement which is yet to be written. It includes a Chinese commitment to buy agrifoods.

Read more

Forex MAJORS

Cryptocurrencies

Signatures