OPEC warns that trade tensions are hurting global oil demand

Author: Justin Low | Category: News

OPEC comments in its monthly report on the oil market


  • Ongoing global trade tensions have resulted in weaker growth in global oil demand
  • Observed slowdown in the global economy in 1H will be further challenged in 2H
  • Revises down Q1 oil demand growth to 900k bpd
  • Other forecasts in 2019 mostly unchanged
  • Sees that world demand will rise by 1.14 mil bpd in 2019, down from 1.21 mil bpd
ForexLive
Well, despite sanctions on the likes of Iran and Venezuela, there hasn't been a significant slowdown in inventories and the oversupply issue continues to be a plague for oil prices recently. The fact that OPEC acknowledges that now won't be enough to keep prices soaring in the big picture, I reckon more cuts on top of the current deal is needed to appease markets at this point.


By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose