The Organization of the Petroleum Exporting Countries (OPEC) revised down its assessment of the oil demand growth in 2018 by 0.03 million barrels daily, while its forecast for 2019 was adjusted down by 0.05 million barrels per day, according to the organization's February report
MOSCOW (Pakistan Point News / Sputnik - 12th February, 2019) The Organization of the Petroleum Exporting Countries (OPEC) revised down its assessment of the oil demand growth in 2018 by 0.03 million barrels daily, while its forecast for 2019 was adjusted down by 0.05 million barrels per day, according to the organization's February report."In 2018, the estimate for world oil demand growth was revised lower by a slight 0.03 mb/d from last month's report ... For 2019, oil demand growth is forecast at around 1.24 mb/d, slightly lower than the previous month's assessment by 0.05 mb/d to reach an average of 100.00 mb/d. The downward revision is mainly an outcome of lower economic expectations in 2019 for the OECD Americas and Europe, as well as Latin America and the middle East," the report read.
Meanwhile, the supply growth assessment for non-OPEC countries was revised up by 0.11 million barrels daily to 2.72 million barrels per day, compared to last month's report.
"The non-OPEC oil supply growth forecast for 2019 was also revised up by 0.08 mb/d to 2.18 mb/d, mainly due to a revised production forecast for the US Gulf of Mexico. Total non-OPEC supply for the year is projected to average 64.34 mb/d. The US, Brazil, Russia, the UK, Australia, Kazakhstan and Ghana are expected to be the main drivers, while Mexico, Canada, Norway, Indonesia and Vietnam are projected to see the largest declines," the report read.
