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OPEC Sees Slower 2019 Oil Demand Growth, Warns On Economy

OPEC had trimmed its forecast that the global oil demand growth in 2019. With the risk of economic outlook going down plus new challenge in efforts to keep up the support for the market next year.

The world would require 32.05 million bpd (barrel per day) from its 15 members in 2019 , said OPEC. The number remains unchanged from last month. There is a suggestion of surplus up to 500,000 bpd if OPEC continues to keep pumping out the same amount.

The economic downside risks will provide a talking point for a group of OPEC and non-OPEC energy ministers meeting on Sept. 23 in Algiers to monitor the market. The meeting could make policy recommendations.

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