OPEC sees lower 2019 demand for its oil as rivals pump more

LONDON: OPEC on Wednesday forecast world demand for its crude will decline next year as growth in consumption slows and rivals pump more, pointing to a market surplus returning despite an OPEC-led pact to restrain supplies.

Giving its first 2019 forecasts in a monthly report, the Organization of the Petroleum Exporting Countries said the world will need 32.18 million barrels per day (bpd) of crude from its 15 members next year, down 760,000 bpd from this year.

OPEC said its oil output in June rose to 32.33 million bpd, above the demand forecast. Saudi Arabia pumped more as it heeded calls from the United States and other consumers to make up for shortfalls elsewhere and cool rising prices.