OPEC monthly oil market report: Dec. output fell by 751K bpd led by cuts in Saudi Arabia, Libya and Iran
Below are some of the key highlights from the OPEC's monthly oil market report, released this Thursday.
• 2019 global oil demand growth forecast unchanged at 1.29 million bpd.
• 2019 demand for its crude averaging 30.83 million bpd, down 910,000 bpd from 2018.
• Trims 2019 non-OPEC oil supply growth forecast by 60,000 bpd to 2.10 million bpd.
• OPEC Dec. oil output, citing secondary sources, fell by 751,000 bpd m/m to 31.58 million bpd.
• The fall in output was led by cuts in Saudi Arabia, Libya and Iran.
• OECD oil inventories fell by 0.7million barrels m/m in November.
• Now stands at 23 million barrels above the latest 5-year average.