"This highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance"OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.
The weaker outlook amid a US-China trade dispute and Brexit could press the case for the Organization of the Petroleum Exporting Countries and allies including Russia to maintain or adjust their policy of cutting output.OPEC, in the report, lowered its forecast for world economic growth in 2020 to 3.1 percent from 3.2 percent and said next year's increase in oil demand would be outpaced by"strong growth" in supply from rival producers such as the United States.
OPEC's policy of supporting prices through supply cuts has given a sustained boost to US shale and other rival supply, and the report suggests the world will need less OPEC crude next year. In July, OPEC and its allies renewed a supply-cutting pact until March 2020, citing the need to avoid a build-up of inventories that could hit prices.
Source: News Formal (newsformal.com)
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