OPEC Sees Weaker Demand for Its Crude Next Year as Rivals Surge
- Amid clamor to pump more oil now, cartel sees doubts for 2019
- Demand growth is slowing while U.S. producers ramp up faster
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OPEC is under intense pressure right now from consumers to ease prices by pumping more crude, but for 2019 it sees a more doubtful picture.
The cartel cut its estimate for global demand for its crude next year due to weakening economic growth and higher output from rivals, notably U.S. shale drillers. The world will need almost 900,000 fewer barrels from the group each day in 2019 -- equivalent to Libya’s average output this year.