Oil falls despite encouraging OPEC release
Jan 19, 2019
Oil prices are falling almost 2% at the time of writing despite encouraging numbers released by the OPEC. The cartal informed that Saudi Arabia’s oil output had fallen 468 kbpd, and the OPEC’s crude output had declined 751 kbpd in December, the most in two years. The group also expects that Russian oil production will be cut by 130 kbpd during the first half of 2019. In general, the OPEC kept its 2019 global oil demand growth at 1.29 mbpd. However, simmering concerns regarding a global economic slowdown seem to be weighing on crude prices.