OPEC delivered a downbeat oil market outlook for the rest of 2019 on Friday as e...
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.
The bearish outlook due to slowing economies amid the U.S.-China trade dispute and Brexit could press the case for OPEC and allies including Russia to maintain a policy of cutting output to support prices. Already, a Saudi official has hinted at further steps to support the market. Despite the OPEC-led cut, oil has tumbled from April’s 2019 peak above $75 pressured by trade concerns and an economic slowdown.
“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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