BREAKING NEWS

BREAKING NEWS

OPEC sees more 2019 demand for its oil as it keeps cutting output

OPEC sees more 2019 demand for its oil as it keeps cutting output
FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside their headquarters in Vienna, Austria December 7, 2018. REUTERS/Leonhard Foeger/File Photo -
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Leonhard Foeger(Reuters)
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LONDON (Reuters) - OPEC said on Tuesday that world demand for its oil would be higher than expected this year as supply growth from rivals including U.S. shale producers slows, pointing to a tighter market if the exporter group refrains from raising output.

But the Organization of the Petroleum Exporting Countries, in a monthly report, said its output fell slightly in April as U.S. sanctions on Iran added to the impact of an OPEC-led supply-cutting pact.

OPEC, Russia and other non-member producers are reducing output by 1.2 million barrels per day from Jan. 1 for six months. The producers meet on June 25-26 to decide whether to extend the pact.

(Reporting by Alex Lawler; Editing by Dale Hudson)

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