The Organization of Petroleum Exporting Countries (OPEC) has lowered its outlook numbers for global oil demand growth, to 104.8 million barrels per day by 2024, and 110.6 million barrels per day by 2040.
The cartel cited tough market conditions and signs of stress in the world economy.
In its annual World Oil Outlook, the group said the last 12 months had been challenging for energy markets.
Advertisement
The 14-member producer group said its own production of crude oil and other liquids is expected to decline over the next five years.
Related posts:
IMF lowers South Africa’s Economic growth forecast for 2019
Oil prices falls on lower demand outlook, U.S.-China trade dispute
OPEC develops framework to stabilise global oil market
Oil remains relevant, demand to rise by 35 pct – OPEC
OPEC’s Barkindo says oil demand to hit 100 mln bpd ‘much sooner’ than projected
OPEC, non-OPEC jack output by 1m barrels
179th meeting of the OPEC, non-OPEC conference held via videoconference
Photos: 179th meeting of the OPEC, non-OPEC conference held June 6
