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  1. While petrol, diesel prices hit record levels, OPEC trims 2019 global oil demand growth forecast

While petrol, diesel prices hit record levels, OPEC trims 2019 global oil demand growth forecast

Even as the common man in India continues to battle rising petrol diesel prices, the Organization of the Petroleum Exporting Countries (OPEC) has further trimmed its forecast for 2019 global oil demand growth.

By: | Updated: September 12, 2018 5:34 PM
OPEC also said oil output from its 15 members rose in August by 278,000 bpd to 32.56 million bpd, following June’s agreement to ease a supply-cutting deal.

Even as the common man in India continues to battle rising petrol diesel prices, the Organization of the Petroleum Exporting Countries (OPEC) has further trimmed its forecast for 2019 global oil demand growth. In its monthly report, the Organization of the Petroleum Exporting Countries said world oil demand next year will rise by 1.41 million barrels per day, 20,000 bpd less than last month, implying a second consecutive reduction in the forecast.

Earlier this week, oil minister Dharmendra Pradhan said that global external factors were to blame for continually rising prices in India. “OPEC had assured world community, from July 1 they’ll produce 1 million tonne per day, additonal production will be there. As per July-Aug statistics, target isn’t being compiled. Issues of Iran,Venezuela and Turkey are creating pressure on production. These factors aren’t in India’s hands,” Dharmendra Pradhan told reporters recently.

OPEC said that oil output from its 15 members rose in August by 278,000 bpd to 32.56 million bpd, following June’s agreement to ease a supply-cutting deal. While trimming the global oil demand growth forecast, OPEC said that the risk to the economic outlook was skewed to the downside.

The organisation said that  the global oil supply increased 490,000 barrels a day to average 98.9 mb/d in August, compared with the previous month. In 2018, OPEC believes the non-OPEC oil supply in 2018 will grow by 2.02 million barrels a day (mb/d) despite making a downward revision of 64,000 b/d from its last report.

According to the report, the global oil supply increased 490,000 barrels a day to average 98.9 mb/d in August, compared with the previous month. In 2018, OPEC believes the non-OPEC oil supply in 2018 will grow by 2.02 million barrels a day (mb/d).

Meanwhile, fuel prices were unchanged from record high levels on Wednesday in the major metros in India, despite a Bharat Bandh held on Monday protesting against rising fuel prices. In Mumbai, petrol is now selling for Rs 88.26 per litre, a hike of 14 paise from previous record high levels. In national capital Delhi, petrol prices are nearing the Rs 81-mark, now retailing at Rs 80.87 mark. In Chennai, petrol prices were seen at Rs 84.05 while in Kolkata, one litre of petrol is selling for Rs 82.74, data from IOC app showed.

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