OPEC cuts forecast for global oil demand growth in 2019

OPEC cuts forecast for global oil demand growth in 2019

OPEC cuts forecast for global oil demand growth in 2019

Oil prices slumped to more than two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by USA government data that showed domestic crude inventories rose more than expected last week.

Brent crude fell 56 cents a barrel to $79.70 by 12:16 p.m. EDT (1616 GMT), after dropping 3.4 percent on Thursday.

West Texas Intermediate (WTI) crude futures fell $1.76 to $71.41 a barrel, a 2.4 per cent loss.

As per to the Saudi's Crown Prince, the increased price of oil in the past month was not the outcome of the sanctions on Iran, but it was due to the low production in other countries, including Mexico, Canada, Venezuela, and Libya.

Wednesday's cuts represent about 6.5 percent of the nation's daily output of 11.1 million barrels of crude.

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Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, as buyers sought alternatives ahead of USA sanctions that take effect on November 4.

The red-hot oil market cooled this week, as a stock market sell-off weighed on both WTI and Brent crude prices after they hit multi-year highs last week.

Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries, last week said it would increase crude output next month to 10.7 million bpd, a record.

The OPEC's report also put Iran's oil output based on direct communication at 3.755 million bpd, down 51,000 bpd compared to August.

Several of the world's biggest trading houses expect USA sanctions on Iran to keep oil prices high, with crude staying above $65 and possibly breaking above $100 in the medium term.

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Before the re-imposition of USA sanctions, Iran was India's third-largest oil supplier behind Saudi Arabia and Iraq. However, oil market basics do not point out that this demand is apparent.

The cartel believed that the slowing economic growth and the increase of the world oil supply, led by the United States shale output rise are the reasons of oil demand decrease.

Crude prices jumped 1 percent on Friday, rebounding after two days of heavy declines with support from robust Chinese crude imports, but oil was still heading for its first weekly drop in five weeks.

Later today, we'll see unofficial U.S. inventory data from the American Petroleum Institute. "We believe at least 1 million barrels per day (mmbpd) may be at risk unless sanction waivers and exemptions remove pressure to cut production further".

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