OPEC lowered its oil demand forecast

Gabonese newspaper Solidarity reported that OPEC lowered its oil demand forecast for 2018 to 2019 again on November 13, 2018, expressing concern about the oversupply of oil supply.

OPEC expects global oil demand to increase by 1.5 million barrels per day in 2018, 40,000 barrels per day less than its October forecast, with a total demand of 98.79 million barrels per day. The reason for the decline in oil demand is the lower than expected demand in the Middle East and China. The forecast for oil demand growth in 2019 is 1.29 million barrels per day, down 70,000 barrels per day from the October forecast, and the total consumption demand is estimated to be about 100 million barrels per day.