OPEC monthly oil market report: Demand for OPEC crude expected to decline in 2019

OPEC, in its monthly oil market report, sees demand for its crude averaging 31.54 million bpd in 2019, down 250,000 bpd from the prior forecast. 

Key highlights:

   •  Sees widening excess supply in the oil market in 2019.
   •  Non-OPEC supply set to rise faster that world demand. 
   •  2019 global oil demand growth to slow to 1.29 million bpd, down 70,000 bpd from the prior forecast.
   •  OPEC Oct. oil output (citing secondary sources) rose 127,000 bpd m/m to 32.90 million bpd, despite lower Iranian output.