OPEC sees lower 2020 demand for its oil
OPEC expects that world demand for its crude 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 cartel’s updated monthly report out Thursday hits just a week after OPEC-plus extended its reduced output pact for another nine months, a move it had largely telegraphed to the energy market in advance. With the as-expected news, futures prices CLQ19, +0.43% BRNU19, +0.51% fell in response. The decision came amid rising production from the U.S. — at least before a pullback in stockpiles in recent weeks — and signs of global economic slowing that could sap oil demand.
OPEC, as well as the International Energy Agency and the U.S. Energy Information Administration, all lowered their view for 2019 oil demand in May and have remained cautious.
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