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"By 2019, the initial projections for growth in global oil demand are 1.45bp, which will exceed the historical threshold of 100bp," the report says. OPEC for the month of July, reviews AVN.
Likewise, he maintains the forecast that world demand for oil will increase by 1.65 mbd this year and is at an average of 98.85 mbd, as established in the report of the previous month
This increase is based on growth forecasts of the global economy of 3.8% for 2018 and 3.6% for 2019.
The organization reiterated that its 15 members are ready to "guarantee" the stability of the market "Therefore, if the world economy behaves better than expected and leads to growth in oil demand, OPEC will continue to have sufficient supply to support the Stability of Oil Production The report reveals that OPEC member countries produced 32.33 million barrels of oil per day in June, an increase of 173,000 barrels from the previous month. 19659002]] At the ministerial meeting number 174 held in June, OPEC members agreed that as of July 1, they would abide by 100% agreement to cut crude output by 1.2 million barrels per year. day (MBD), They had subscribed on November 30, 2016.
In this way, the group increased its joint production level, to prevent members from exceeding the established cut.
The OPEC, created in 1960, it includes 15 member countries (Angola, Saudi Arabia, Algeria, Ecuador, United Arab Emirates, Congo, Gabon, Iraq, Kuwait, Nigeria, Qatar, Indonesia, Iran , Libya and Venezuela) which export about 30% of the world's oil consumed, and owns 80% of the world's crude oil reserves, located and explored.
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