LONDON: OPEC delivered a downbeat oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply.
It is rare for OPEC to give a bearish forward view on the market outlook and oil pared an earlier gain after it was released to trade below US$59 a barrel. "The risk to global economic growth remains skewed to the downside," the report said."Especially trade-related developments will need to be thoroughly reviewed in the coming weeks with some likelihood of a further downward revision in September."
This is despite the supply cuts of OPEC+ and additional involuntary losses in Iran and Venezuela, two OPEC members which are under U.S. sanctions.
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