OPEC has revised down its monthly forecast of global oil demand growth for this year and 2019, for the second consecutive month, suggesting a slowdown in global economic growth.
In its Monthly Oil Market Report, OPEC revised down 2018 world oil demand by approximately 20,000 barrels per day due to reduced performances in Latin America and the Middle East.
World oil demand growth is now expected to be at 1.41 million bpd with total global consumption at 100.23 million bpd.
The report also emphasised the risks of growing global trade tensions it highlighted in the previous report.
In its September report, the cartel said: “Underlying fragility has recently emerged in several areas and therefore the risk to 2018 and 2019 global economic forecasts is now more skewed to the downside.”
“A combination of monetary tightening from G4 central banks, the weakening financial situations in some emerging and developing economies, rising trade tensions and ongoing geopolitical concerns in some parts of the world constitute challenges to the current global economic growth trend.”