OPEC releases its monthly oil market report
- Mentions trade tensions, monetary tightening by central banks and EM problems
- Global oil demand growth to slow to 1.41 million bpd in 2019
- That's down 20k bpd from previous forecast
- 2019 non-OPEC oil supply to grow by 2.15 million bpd in 2019
- That's up 20k bpd from previous forecast
- Rising challenges in some emerging and developed economies are skewing current global economic growth risk forecast to the downside
This all comes ahead of the OPEC meeting in Algiers later on 23 September. There isn't much from the change in forecasts here to affect oil prices on the day but the risks highlighted will be something to be look out for in terms of discussions at the meeting later this month.
The report also put quite a bit of emphasis on emerging markets, namely Argentina, Turkey and India. The latter is a key oil importer in the global market so that will be something to watch out for as the Indian rupee suffers a bout of depreciation.
That said, oil traders themselves will have to start focusing on developments there more closely moving forward as they could very well threaten oil demand in 2019.
