OPEC sees bearish oil outlook for rest of 2019; maintains 2020 forecast

The Organization of Petroleum Exporting Countries (OPEC) delivered a bearish oil market outlook for the rest of 2019 amid economic growth slowdown, and maintained its forecast for 2020, it said in its latest monthly oil market report released on Friday.

OPEC trimmed its forecast for global oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd, and kept its 2020 estimates at 1.14 million bpd.

OPEC output declined by 246,000 bpd month-on-month (MoM) in July to about 29.6 million a day, a source said.

Saudi Arabia has cut its output by 202,000 bpd MoM to 9.58 million bpd last month.

OPEC’s forward view for next year’s oil demand surpassed its previous outlook of 29.41 million bpd by 140,000 bpd on lower supplies by non-OPEC producers.