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OPEC expects decrease in demand for oil

July 12, 2018 at 12:57 pm

In the light of retreat of consumption and increasing produce by its competitors, OPEC yesterday said it expects a decrease in international demand for its oil in 2019, RT Arabic reported.

The Organisation of the Petroleum Exporting Countries (OPEC) said that demand for crude oil from its 15 members is expected to be 32.18 million barrels a day in 2019, down 760 barrels a day compared to this year.

The body said that its produce increased to 32.33 million barrels a day in June, which exceeds its expected demand.

OPEC agreed with Russia and other oil-producing allies in late June to raise output from July, with Saudi Arabia pledging a “measurable” supply boost but giving no specific numbers.

Do not blame OPEC, oil producer group says of Trump criticism

The United States, China and India had urged oil producers to release more supply to prevent an oil deficit that could undermine global economic growth.

America has pledged to place sanctions on oil producing Iran and stop it benefiting from petrodollars in what critics have said is an effort to force regime change in the country. Ahead of the November deadline for sanctions, US President Donald Trump has asked Saudi Arabia to step up its oil production to fill the gap which Iran is expected to leave behind.

Iran vows to sell as much oil as it can in face of US sanctions