OPEC cuts 2019 oil demand growth forecast, sees more downside risk

LONDON: OPEC on Thursday cut its forecast for growth in global oil demand due to escalating trade disputes and pointed to the risk of a further reduction, building a case for prolonged supply restraint in the rest of 2019.

World oil demand will rise by 1.14 million barrels per day this year, 70,000 bpd less than previously expected, the Organization of the Petroleum Exporting Countries said in a monthly report.

"Throughout the first half of this year, ongoing global trade tensions have escalated," OPEC said in the report.  "Significant downside risks from escalating trade disputes spilling over to global demand growth remain."