OPEC sees lower 2019 demand for its oil, points to return of surplus | Reuters

OPEC sees lower 2019 demand for its oil, points to return of surplus | Reuters:

OPEC on Wednesday forecast world demand for its crude will decline next year as growth in consumption slows and rivals pump more, pointing to the return of an oil market surplus despite an OPEC-led pact to restrain supplies.

Giving its first 2019 forecasts in a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.18 million barrels per day (bpd) of crude from its 15 members next year, down 760,000 bpd from this year.

The drop in demand for OPEC crude means there will be less strain on producers such as Saudi Arabia in making up for supply losses such as falling Venezuelan and Libyan output, and an imminent drop in Iranian exports as U.S. sanctions return.