OPEC cuts 2019 oil demand growth forecast, sees more downside risks
The Organisation of Petroleum Exporting Countries (OPEC) has cut its forecast for global oil demand growth and warned of further potential cuts as international trade disputes continue to fester, building a case for prolonged supply restraint over the rest of 2019.
The oil producer group and its allies meet in the coming weeks to decide whether to maintain supply curbs, with some having become alarmed by a steep slide in prices, despite United States (US) President Donald Trump pressing for action to lower prices.
The world oil demand will rise by 1.14 million barrels per day (bpd) this year, 70,000 bpd less than previously expected, the OPEC said in a monthly report published on Thursday.
