Economy

OPEC cuts forecast for global oil demand growth in 2019

OPEC cuts forecast for global oil demand growth in 2019”

Oil prices slumped to two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by a report showing US crude inventories rising more than expected.

Brent crude settled up 17 cents a barrel at $80.43, after dropping 3.4 percent on Thursday.

Major oil producers and drillers, including Chevron Corp and BP Plc, on Thursday began returning crews to more than 90 offshore facilities in the U.S. Gulf of Mexico that were evacuated this week as Hurricane Michael moved through the Gulf.

A vessel carrying 2 million barrels of Iranian oil discharged the crude into a bonded storage tank at the port of Dalian in northeast China on Monday, according to Refinitiv Eikon data and a shipping agent with knowledge of the matter.

Iran's crude exports fell further in early October as buyers sought alternatives ahead of USA sanctions that take effect on 4 November, according to tanker data and an industry source.

Torbjorn Tornqvist, CEO of Gunvor, and Weir disagreed with Taylor's price outlook, stating that crude futures could reach $100 or higher either by year end or next year; meanwhile, Alex Beard, chief executive for oil and gas at Glencore, predicted oil would reach $85-$90 per barrel.

The group's daily production rose by 132,000 barrels in September to 32.76 million.

The global benchmark posted a 1.3 percent gain on Tuesday.

"Oil prices have stabilized for the moment - between a real and a metaphorical storm", said Fiona Cincotta, senior market analyst at City Index.

The West's energy watchdog said in its monthly report that the market looked "adequately supplied for now" and trimmed its forecasts for world oil demand growth this year and next.

The South Asian nation was hoping to lift significantly higher volumes in the current fiscal year, after Tehran offered a discount on shipping and an extended credit period, before the US decision on sanctions changed its plans. Financial markets settled down Wednesday following the previous day's big moves when an easing of concerns over an imminent US -led military strike on Syria sent stocks sharply higher and oil prices down. Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused at least one death, injuries and widespread destruction. Crude could be US$5 to US$10 lower by January, he said.

Among the reasons for reduced oil demand growth forecasts, the cartel cited potential headwinds for the world's economic growth, with growth trends starting to diverge between and within regions.



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