MOSCOW (Pakistan Point News / Sputnik - 10th April, 2019) The Organization of the Petroleum Exporting Countries (OPEC) adjusted down its global oil demand forecast for 2019 from last month's 1.24 million barrels per day to about 1.21 million barrels per day, the organization said Wednesday in its monthly report.
"In 2018, global oil demand growth was revised down by 20 tb/d from last month's assessment amid weaker 4Q18 oil demand data from OECD Asia Pacific. Global oil demand in 2018 is now estimated to have increased by 1.41 mb/d y-o-y, reading 98.70 mb/d. Similarly, global oil demand in 2019 is revised downward by 30 tb/d from 1.24 mb/d to around 1.21 mb/d compared with last month's projection and this is due to slower-than-expected economic activity compared with the expectations of a month earlier," the report read.
