OPEC revises down slightly oil demand growth forecast 2019

Source: Xinhua| 2019-02-12 20:57:18|Editor: xuxin
Video PlayerClose

VIENNA, Feb. 12 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday forecast the world oil demand growth for 2019 at 1.24 million barrels a day, slightly lower than the previous month's assessment of 1.29 million barrels a day.

The downward revision of 50,000 barrels a day for 2019 is mainly an outcome of lower economic expectations in 2019 for the OECD Americas and Europe, as well as Latin America and the Middle East.

At this growth rate, the average world oil demand is projected to reach 100 million barrels a day for 2019, OPEC said in its latest monthly report.

The global economic growth forecast was revised down to 3.3 percent for 2019 and 3.6 percent for 2018, it said.

In the OECD, 2019 U.S. growth was revised lower to 2.5 percent, following growth of 2.9 percent in 2018, while eurozone growth was also revised down to 1.3 percent for 2019, after growth of 1.8 percent in 2018, it said.

In the non-OECD countries, China's growth forecast of 6.1 percent in 2019 remains unchanged from the previous month, following slightly better than expected growth in 2018, it said.