OPEC cuts 2020 global oil demand growth forecast by 60,000 bpd amid economic slowdown
Strong growth in non-OPEC supply in 2019-2020 highlights need for producers to support market stability to avoid potential oversupply.
August oil output rose by 136,000 bpd m/m to 29.74 mbpd led by Saudi boost.
Forecasts 2020 demand for its crude averaging 29.40 mbpd, steady from previous forecast 0f 29.41 mbpd, on lower non-OPEC supply view.
OECD oil inventories fell in July and stood 36 million barrels above latest 5-year average – the level originally targeted by supply cut deal.
11 Sep 19 (Wed)
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