OPEC expects a sharp drop in demand for its oil

The OPEC monthly report says that the world oil market may again face an excess of supply due to a sharp increase in production in countries outside the Organization of Petroleum Exporting Countries. As a result of the second quarter, world demand of 120 thousand barrels per day was below the forecast of OPEC. It is expected that by the end of 2018 consumption will be by 20 thousand barrels per day below the forecast, in 2019 - by 40 thousand barrels per day. According to the calculations of the organization, production growth in non-OPEC countries has accelerated and completely covers the needs of the world economy. OPEC countries will have to cut production, losing market share, which has already fallen to a multi-year low of 32.8%.

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