Brent crude petroleum prices in Wednesday morning trade were only marginally higher. Clearly, prices have not recovered from the 4% fall seen on Tuesday when the Petroleum Exporting Countries Organization (OPEC) and its allies (together known as OPEC+) chose to extend their supply cuts. OPEC+ will collectively reduce manufacturing by 1,2 million barrels per day (mb / d) for nine months to 31 March.
According to CARE Ratings, "Oil demand for 2019 is anticipated to expand by 1.14 mb / d given the present state of the world economy, while non-OPEC supply is anticipated to expand at a stable rate of 2.14 mb / d year-on-year in 2019."
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