OPEC may need more cuts amid unchanged demand | The Guardian Nigeria News - Nigeria and World News

The Organization of the Petroleum Exporting Countries yesterday, held its forecast for the world’s reliance on its oil next year unchanged, despite a weaker demand outlook, ahead of a key OPEC+ ministerial meeting to assess its current output curbs and country-level quotas.

OPEC pointed to an economic slowdown in the US and the eurozone, lower-than-expected growth in India, rising sovereign debt issues in Argentina, and the continuation of the US-China trade dispute. A nine-country Joint Ministerial Monitoring Committee, co-chaired by Saudi Arabia and Russia, is scheduled to meet Thursday tasked with monitoring market conditions, assessing compliance with production quotas, and making policy recommendations to the wider coalition.

For this year, the demand forecast for OPEC’s oil was cut to 30.61 million b/d, 80,000 b/d below its previous forecast. OPEC said it now sees world oil demand in 2019 growing by 1.02 million b/d, which is also 80,000 b/d lower than last month’s forecast. On supply, OPEC said it pumped 29.74 million b/d in August, up 136,000 b/d on July, according to an average of the six secondary sources used by the organization to track member output, including S&P Global Platts.

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