Date: 2 months ago   Category: Financial

The OPEC lowered the forecast of increase in demand for oil


In January the countries of OPEC reduced oil production by 797 thousand barrels a day - up to 30.8 million barrels. The OPEC lowered the forecast of growth of global demand for oil in 2019 by 50 thousand barrels a day - up to 1.24 million barrels. As they say in the report of the organization, decrease in assessment is connected with the expected economic slowdown in the countries of the American continent, Europe and the Middle East. According to the report, the OPEC countries in January reduced oil production by 797 thousand barrels a day - up to 30.8 million barrels, generally at the expense of Saudi Arabia and the UAE. So, according to secondary sources of OPEC, the Saudi production in January dropped by 350 thousand barrels/days - up to 10.2 million. On 146 thousand barrels average daily production in the UAE - decreased to 3.1 million barrels/days, by 90 thousand the indicator at Kuwait - was reduced to 2.7 million barrels a day. At the same time Saudi Arabia notified OPEC that its January production decreased by 400 thousand barrels a day. The countries of OPEC participate in arrangements of OPEC on reduction of production during the first half of the year 2019 on 1.2 million barrels a day. Commercial reserves of oil and oil products of the countries of OECD in December, 2018 decreased in relation to November by 10.8 million barrels - up to 2.851 billion barrels. Thus, the indicator appeared on 2.5 million barrels below last year's level, but on 28 million barrels above an average in five years of level. At the same time reserves directly oil appeared on 50 million barrels above five-year norm whereas reserves of oil products were on 22 million barrels below norm. At this level stocks covered needs of the countries of OECD for oil and oil products for the term of 59.5 days, it is 0.4 days lower than the level of December, 2017 and norms are 0.8 days lower. Let's remind, on December 7 the countries of OPEC agreed about reduction of oil production in 2019 on 1.2 million barrels a day. From this volume of decrease in 800 thousand barrels a day it is necessary on the OPEC countries, and other 400 sugar-free thousand – on the countries which are not entering into cartel. News from the Correspondent.netv of Telegram. Subscribe for our https://t.me/korrespondentnet channel

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