Caution dominates oil markets after OPEC report

The Organization of Petroleum Exporting Countries (OPEC) has announced pessimistic oil forecasts for the remainder of 2019, in light of the intensification of the US-China trade war and the the exit of Britain from the European Union.

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OPEC has reduced its forecast of oil demand growth in 2019 to 1.10 million barrels per day, and the Organization of the Petroleum Exporting Countries (OPEC) is expected to post a small surplus in 2020.

In terms of production, the report indicates that the production of the Organization declined in July for the eighth consecutive month, reflecting the efforts made by the Organization to support oil prices.

According to the report, the production rate of OPEC has fallen to 29.61 million barrels per day, a decrease of 246,000 barrels per day, which means that the proportion of state commitment members in the production reduction agreement "OPEC +" is 144%.

The OPEC report warns oil markets, and other reports warn of a slowdown in the global economy, in part because of the trade war raging between Beijing and China. Washington.

Source: agencies

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