{"id":1808,"date":"2018-10-18T15:27:48","date_gmt":"2018-10-18T15:27:48","guid":{"rendered":"http:\/\/euromenaenergy.com\/?p=1808"},"modified":"2018-10-18T15:27:48","modified_gmt":"2018-10-18T15:27:48","slug":"opec-expects-weaker-demand-for-its-crude-next-year-as-rivals-surge","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=1808","title":{"rendered":"Opec expects weaker demand for its crude next year as rivals surge"},"content":{"rendered":"<div class=\"subtitel col-lg-12\">\n<p>Bloomberg\/London<\/p>\n<\/div>\n<p>Opec is under intense pressure right now from consumers to ease prices by pumping more crude, but for 2019 it sees a more doubtful picture.<br \/>\nThe group cut its estimate for global demand for its crude next year due to weakening economic growth and higher output from rivals, notably US shale drillers. The world will need almost 900,000 fewer barrels from the group each day in 2019 \u2013 equivalent to Libya\u2019s average output this year.<br \/>\nThe weaker outlook comes as pressure is increasing on the Organization of Petroleum Exporting Countries and its allies to pump more to offset the impact of looming US sanctions on Iran and Venezuela\u2019s collapsing oil industry. In addition to tweets from President Donald Trump demanding action, Opec secretary-general Mohammad Barkindo said yesterday that India has written to the group expressing its discomfort with the current market. \u201cThere is no cause for alarm,\u201d Barkindo said at the Oil and Money conference in London. Opec and its allies \u201care ready and willing to continue to make sure that the market remains well supplied.\u201d<br \/>\nThe group\u2019s daily production rose by 132,000 barrels in September to 32.76mn. While Iran\u2019s output fell by 150,000 bpd and Venezuela lost 42,000 bpd, Saudi Arabia and Libya more than offset the decline.<br \/>\nStill, Opec\u2019s monthly oil market report provided some reasons to question the sustainability of the rally in crude futures to four-year highs last week.<br \/>\nThe group reduced its estimates for the expansion in global consumption in 2018 and 2019, citing slowing economic activity in emerging markets. Demand growth of 1.54mn bpd this year will slow to 1.36mn next year. At the same time, it added 200,000 bpd to its estimate for non-Opec supply this year as the US, Canada, Kazakhstan and Brazil grow faster than expected.<br \/>\nStockpiles of crude and refined products in industrialised countries rose by 14.2mn barrels in August, a second consecutive monthly increase. The outlook for supply and demand in 2019 indicates that inventories could continue to rise, Barkindo said.<br \/>\nOil prices could fall next year as the \u201cfear factor\u201d that\u2019s currently gripping the market subsides, Ian Taylor, chairman of the world\u2019s largest independent oil trader Vitol Group, said in an interview with Bloomberg television on Wednesday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg\/London Opec is under intense pressure right now from consumers to ease prices by pumping more crude, but for 2019 it sees a more doubtful picture. The group cut its estimate for&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1821,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[46,57,90,96,107,137,139,160,174,184,201,202,209,232,233,244,246,249,256,267,277,279,288],"class_list":["post-1808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-aramco","tag-baroudi","tag-democracy","tag-doha","tag-embargo","tag-gas","tag-gazprom","tag-international-maritime-disputes","tag-lebanon","tag-maritime-disputes","tag-offshore","tag-oil","tag-opec","tag-putin","tag-qatar","tag-rosneft","tag-roudi","tag-russia","tag-saudi","tag-straddling-hydrocarbons-reserves","tag-total","tag-trump","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/1808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1808"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/1808\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/1821"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}