The Organisation of the Petroleum Exporting Countries said in its latest monthly outlook that world oil demand in 2019 should rise by 1.41 million barrels per day, around 20,000bopd less than it tipped in August, and its second reduction in a row.
The Vienna-based body, which has been working with Russia and other bodies to cap production and support the oil price over the past two years, now says supporting the market next year will be more challenging, particularly at a time when the US has crowned itself the world's largest oil producer.
While the US consumes a lot of what it produces, its production of around 11 million barrels per day has exceeded Russian production for the first time since 1999, ...
