MOSCOW (Pakistan Point News / Sputnik - 13th August, 2018) The Organization of the Petroleum Exporting Countries (OPEC) decreased its forecast for global oil demand in 2018 and 2019 by 20,000 barrels per day (tb/d) to 98.83 million barrels per day (mb/d) and 100.26 mb/d respectively due to lower-than-expected demand in Latin America and the middle East, according to its monthly report published Monday.
"In 2018, oil demand growth is anticipated to increase by 1.64 mb/d, 20 tb/d lower than last months projections, mainly due to weaker-than-expected oil demand data from Latin America and the Middle East in 2Q18. Total oil demand is anticipated to reach 98.83 mb/d. For 2019, world oil demand is forecast to grow by 1.43 mb/d, also some 20 tb/d lower than last months assessment. Total world consumption is anticipated to reach 100.26 mb/d," the report read.
