Oil slumped to the lowest close in seven months this week as concerns grew that rising U.S. supplies will offset the production curbs by the Organization of Petroleum Exporting Countries and allies including Russia. New non-OPEC output next year will be more than enough to meet demand growth, the International Energy Agency said Wednesday in its first forecast for 2018. “There is really no bullish twist to the latest U.S. data,” said Michael Dei-Michei, head of research at Vienna-based consultants JBC Energy GmbH. “Implied crude production seems to have moved upwards at a rather rapid pace, U.S. gasoline demand has taken a turn to the downside just as the summer driving season starts and total U.S. oil stocks have not drawn for two weeks.” Click Read More below for more of the story.
OPEC expects that world demand for its crude oil will decline next year as rivals, including the U.S., pump more, a downgraded view that comes even as the cartel and its allies have extended a strategy to restrain supplies.
The Organization of Petroleum Exporting Countries says demand for its crude is expected to average 29.3 million barrels per day in 2020, down by around 1.3 mb/d from 2019.
more detail at: https://www.marketwatch.com/story/opec-sees-lower-2020-demand-for-its-oil-cuts-supply-forecast-for-non-cartel-peers-2019-07-11?mod=hp_LATEST