The Organization of Petroleum Exporting Countries (OPEC) painted a pessimistic picture for 2019. Global demand for OPEC crude oil is expected to decline this year due to weak demand growth and a sharp rise in the output of oil-producing countries outside the organization, according to London Energy Information.
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The monthly oil market report released by OPEC on Tuesday showed that the average daily output of 14 OPEC members in January was 30.81 million barrels, down from 31.6 million barrels in December last year, a decrease of 710,000 barrels per day.
Oil prices have rebounded since falling to a 15-month low in December, with ICE Brent crude trading this week at more than $62 a barrel.
At the last OPEC meeting in Vienna, OPEC Member States agreed to cut oil production by 812,000 barrels a day, while Russia and nine other non-OPEC oil-producing countries pledged to cut oil production by 383,000 barrels a day in the first six months of 2019.
OPEC research expects global demand for its crude oil to average 30.62 million barrels a day in the first half of this year, down about 190,000 barrels from last month. In 2018, the global average demand for OPEC crude oil was 31.6 million barrels per day.
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