OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus
London: OPEC on Friday provided a downbeat oil-market outlook for the rest of 2019 as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to restrain supplies.
In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for oil demand growth in 2019 by 40,000 barrels per day (bpd) and indicated the market will be in slight surplus in 2020.
The bearish outlook due to slowing economies amid the US-China trade dispute and Brexit could press the case for OPEC and allies including Russia to maintain a policy of cutting output to boost prices. Already, a Saudi official has hinted at further steps to support the market.
