OPEC cuts forecast for global oil demand growth in 2019

OPEC cut its forecast for growth in non-OPEC oil supply in 2019 by 30,000 bpd to 2.12 million bpd. (AFP)
Updated 11 October 2018
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OPEC cuts forecast for global oil demand growth in 2019

  • OPEC cut its forecast for growth in non-OPEC oil supply in 2019 by 30,000 bpd to 2.12 million bpd

LONDON: OPEC cut its forecast of global demand growth for oil next year for a third straight month on Thursday, citing headwinds facing the broader economy, and key consuming countries in particular, from trade disputes and volatile emerging markets.
In its monthly report, the Organization of the Petroleum Exporting Countries said world oil demand would increase by 1.36 million barrels per day (bpd) next year, marking a decline of 50,000 bpd from its previous estimate.
The group also cut the estimate for demand in 2019 for its own crude by another 300,000 bpd from last month to 31.8 million bpd, which in turn marks a decline of 900,000 bpd from the projection for 2018.
OPEC said its own production rose by 132,000 bpd in September to 32.76 million bpd, the highest according to the monthly report since August 2017.
Saudi Arabia and Libya increased output last month by 108,000 bpd and 103,000 bpd respectively, more than offsetting the 150,000-bpd decline from Iran to 3.447 million bpd, as reported by secondary sources.
OPEC said Iran told the group its oil output had fallen by just 51,000 bpd to 3.775 million bpd.
The group, led by Saudi Arabia, has pledged to increase output to compensate for the loss of any Iranian supply to US sanctions that come into force next month.
OPEC cut its forecast for growth in non-OPEC oil supply in 2019 by 30,000 bpd to 2.12 million bpd.


Saudi Arabia, China sign $28 billion worth of economic accords

Updated 22 February 2019
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Saudi Arabia, China sign $28 billion worth of economic accords

  • A total 35 agreements had been signed at a joint investment forum held by Saudi Arabia’s investment agency SAGIA

DUBAI: Saudi Arabia and China signed economic cooperation agreements worth a total of $28 billion at a joint investment forum during a visit by Saudi Crown Prince Mohammed bin Salman to Beijing, Saudi state news agency SPA said on Friday.
It said 35 agreements had been signed at the forum, held by Saudi Arabia’s investment agency SAGIA. It also said four licenses for Chinese companies had been awarded at the forum.

The forum, which coincided with the official visit of Crown Prince Mohammed bin Salman China as part of his Asian tour, aimed at enhancing opportunities for joint cooperation between the two countries in various fields.

Other cooperation agreements signed during the forum included areas of the Kingdom's target sectors such as renewable energy aimed at activating cooperation and consultation frameworks in the field of investment development in wind turbines by manufacturing Electric control devices, wind turbine structures, turbine blades and wind generators with an investment of $ 18 million.

The agreement aims to open up to 800 new job opportunities in one of the most targeted sectors of sustainable development.