OPEC cuts 2020 oil forecast, urges effort to avert new glut

12 Septembre, 2019, 16:36 | Auteur: Auguste Feret
  • Oil prices gain after bigger-than-expected fall in US stockpiles

He recalled that last November OPEC and other producers, headed by Russian Federation, agreed to cut production by 1.2 million bpd.

USA crude oil imports averaged 6.73 million barrels per day (b/d) last week, down by 180,000 b/d from the previous week, while crude oil exports averaged about 3.30 million b/d, up by about 234,000 b/d from the previous week, according to the Weekly Petroleum Status Report.

OPEC, in the report, lowered its forecast for world economic growth in 2020 to 3.1 percent from 3.2 percent and said next year's increase in oil demand would be outpaced by "strong growth" in supply from rival producers such as the United States.

U.S. President Donald Trump has repeatedly needled OPEC over the price of oil, urging its member countries to increase their production.

A committee of OPEC+ members is meeting in Abu Dhabi on Thursday to discuss compliance with output cuts that are due to expire in March. Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources. Analysts were looking for a 1.4 million barrel draw in gasoline and a 220,000 barrel rise in distillate supplies.

The Organization of the Petroleum Exporting Countries (OPEC) saw the price of its reference basket of crude oil components drop by 7.9% in August to $59.62 a barrel, more than the 7.3% drop in Brent crude or the 4.7% drop in West Texas Intermediate (WTI) crude.

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Iraq, OPEC's second-largest oil producer, pledged on Thursday to reduce output by 175,000 bpd by October, while Nigeria is to reduce supply by 57,000 bpd.

Iraq has been raising its production and exports steeply in recent years, while Iran's exports have fallen 10-fold over the past year because of US sanctions. Nigeria, Iraq and Russian Federation have, at times, produced above their quota.

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World oil stockpiles and supplies are plenty, according to the latest OPEC monthly report, despite the loss of more than two million barrels per day of Iranian oil exports.

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