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The Organization of the Petroleum Exporting Countries (OPEC) predicts that in 2019 world demand for crude oil will increase by 1.45 million barrels per day (MBD) (1.7%) compared to 2018, to reach a "D by 2019, the initial projections for the growth of global oil demand are 1.45 MBD, which will exceed the historical threshold of 100 MBD," reports the report. Similarly, it maintains the forecast that global oil demand will increase by 1.65 MBD this year and stands at an average of 98.85 MBD, as established in the report of the year. OPEC for the month of July.
the report from the previous month
This increase is based on growth forecasts of the world economy of 3.8% for 2018 and 3.6% in 2019.
L & # 39; The organization reaffirmed that its 15 members are ready to guarantee the stability of the market through the adequate supply of oil. [19659002] "Therefore, if the global economy gets better results than expected and drives new growth in oil demand, OPEC will continue to have sufficient supply to support stability market, "says the document. [19659002] The report reveals that OPEC member countries produced 32.33 million barrels of oil a day in June, an increase of 173,000 barrels from the previous month.
During ministerial meeting number 174 held in June, OPEC members agreed that as of July 1, they would fully respect the agreement to reduce crude production 1.2 million barrels a day (MBD), which they signed on November 30, 2016. [19659002] In this way, the group increased its level of joint production, in order to prevent members to go beyond the established cut.
The OPEC, created in 1960, has 15 member countries (Angola, Saudi Arabia, Argelia, Ecuador, United Arab Emirates, Congo, Gabon, Iraq, Kuwait, Nigeria, Qatar, Indonesia, Iran, Libya and Venezuela), which exports about 30% of the world's oil consumed and owns 80% of the world's oil reserves, located and explored
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