“OPEC compliance against rising U.S. production” remains the main theme in the market, said Tamas Varga, an analyst at PVM Oil Associates Ltd. in London. “OPEC will need to take action at the next meeting in order to provide some kind of oil-price support.” West Texas Intermediate for May delivery was at $52.33 a barrel on the New York Mercantile Exchange, down 32 cents, at 9:30 a.m. London time. That’s the lowest since April 10. Total volume traded was about 8 percent below the 100-day average. Prices lost 53 cents to $52.65 on Monday, the lowest close since April 7. 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