OPEC revises oil outlook for 2018 and 2019

Baku. 13 November. REPORT.AZ/ OPEC has revised its outlook on oil demand growth and increased oil supply growth outlook on non-OPEC states, Report informs referring to OPEC's November Report.

OPEC revised the oil demand growth in 2018 by 40,000 barrels daily to 1,500,000 barrels daily for 2018 and by 70,000 barrels to 1,029,000 barrels for 2019. According to the Report, the downward revision is mainly due to weaker-than-expected oil demand data from the Middle East and, to a lesser extent, China. Thus, the expected total oil demand for 2018 is anticipated to reach 98.79 million barrels daily.

In addition, the oil supply growth outlook on non-OPEC states is revised by 90,000 barrels to 2.31 million barrels from the previous indicator for 2018 and by 120,000 to 2.23 million barrels for 2019. The United States, Brazil, Canada and Great Britain will remain the main drivers of the output growth, while production will keep on declining in Mexico, Norway and other countries. Thus, the oil supply from non-OPEC states is anticipated on the level of 59.86 mln in 2018, while for 2019 the outlook was revised by 0.12 million barrels daily from the previous estimates to 62.09 million barrels daily.