Opec Trims Forecast Amid Recession Fears

摘要

Opec has again lowered its forecast for growth in global oil demand in 2019 to 1.1 million barrels per day. But it also raised its projections of anticipated demand for Opec crude this year and next after cutting its estimates of non-Opec supply. Nevertheless, with benchmark oil prices dipping below $60 per barrel this month as fears of an economic recession grow, the producer group’s latest Monthly Oil Market Report highlights the need to “closely monitor” the market. The report even appears to hint that deeper production cuts may be needed to balance supply and demand.