Austria-OPEC/Forecast

OPEC lowers forecast for global oil demand

  • English

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FILE: Vienna, Austria - Date Unknown (CCTV - No access Chinese mainland)
1. Various of Organization of Petroleum Exporting Countries (OPEC) headquarters, OPEC logo

FILE: Date and Location Unknown (CCTV - No access Chinese mainland)
2. Various of drilling rigs

FILE: Nigeria - Date and Exact Location Unknown (CCTV - No access Chinese mainland)
3. Various of oil processing facility

FILE: Date and Location Unknown (CCTV - No access Chinese mainland)
4. Gas station
5. Man refueling car at gas station
6. Gas pump display showing petrol price

Storyline


Organization of the Petroleum Exporting Countries (OPEC) on Thursday lowered its forecast for global oil demand, and urged oil producing countries to continue to reduce their output.

The average daily demand for its crude oil will reach 30.46 million barrels, 130,000 barrels less than forecasted last month and below what it is currently producing, according to OPEC's March oil report released on Thursday.

While oil demand is expected to grow at a moderate pace in 2019, it is still well below the strong growth expected in the non-OPEC supply forecast for this year, OPEC said in the report.

This highlights the continued shared responsibility of all participating producing countries to avoid a relapse of the imbalance and continue to support oil market stability in 2019, the oil group noted.

OPEC cut oil production by 221,000 barrels per day (bpd) to 30.55 million bpd in February.

OPEC plus, which includes OPEC members, Russia and other non-OPEC members agreed last December to reduce production by 1.2 million bpd for six months starting January 1, 2019, to ease excess supply.

Insiders from OPEC said that the agreement will possibly be extended to this June.

OPEC plus is scheduled to hold meetings this April and June for discussions about its production strategy.

DOWNLOAD
  • ID : 8105771
  • Published : 2019-03-15 16:35
  • Last Modified : 2019-03-15 16:36:10
  • Location : Austria
  • Category : economy, business and finance
  • Duration : 1'15
  • Audio Language : Nats
  • Source : China Central Television (CCTV)
  • Restrictions : No access Chinese mainland
  • Version : 1

Austria-OPEC/Forecast

OPEC lowers forecast for global oil demand

Dateline : March 14, 2019/File

Location : Austria

Duration : 1'15

  • English


FILE: Vienna, Austria - Date Unknown (CCTV - No access Chinese mainland)
1. Various of Organization of Petroleum Exporting Countries (OPEC) headquarters, OPEC logo

FILE: Date and Location Unknown (CCTV - No access Chinese mainland)
2. Various of drilling rigs

FILE: Nigeria - Date and Exact Location Unknown (CCTV - No access Chinese mainland)
3. Various of oil processing facility

FILE: Date and Location Unknown (CCTV - No access Chinese mainland)
4. Gas station
5. Man refueling car at gas station
6. Gas pump display showing petrol price


Organization of the Petroleum Exporting Countries (OPEC) on Thursday lowered its forecast for global oil demand, and urged oil producing countries to continue to reduce their output.

The average daily demand for its crude oil will reach 30.46 million barrels, 130,000 barrels less than forecasted last month and below what it is currently producing, according to OPEC's March oil report released on Thursday.

While oil demand is expected to grow at a moderate pace in 2019, it is still well below the strong growth expected in the non-OPEC supply forecast for this year, OPEC said in the report.

This highlights the continued shared responsibility of all participating producing countries to avoid a relapse of the imbalance and continue to support oil market stability in 2019, the oil group noted.

OPEC cut oil production by 221,000 barrels per day (bpd) to 30.55 million bpd in February.

OPEC plus, which includes OPEC members, Russia and other non-OPEC members agreed last December to reduce production by 1.2 million bpd for six months starting January 1, 2019, to ease excess supply.

Insiders from OPEC said that the agreement will possibly be extended to this June.

OPEC plus is scheduled to hold meetings this April and June for discussions about its production strategy.

ID : 8105771

Published : 2019-03-15 16:35

Last Modified : 2019-03-15 16:36:10

Source : China Central Television (CCTV)

Restrictions : No access Chinese mainland

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