The Organization of Petroleum Exporting Countries (OPEC), presented on Thursday, its report for the month of July where global economic growth is expected to remain stable at 3.2% in 2019 and 2020.
The report also indicates that the growth in daily global demand for black gold, despite uncertainties, is forecast at 1.14 million barrels in those two years.
According to the organization, in the second half of the current one, strong seasonal demand is estimated, as is also evidenced by recent withdrawals in U.S. crude stockpiles.
The document Opec further, the supply of the block has been revised downwards in its latest report, mainly due to the extension of voluntary production adjustments by countries participating in the Declaration of Cooperation.
It also states that Saudi Arabia- the largest exporter of the group – plans to keep its crude oil production below 10 million barrels daily in August, with an average of sales abroad of less than seven million barrels.
The bloc stated that the production reduction by Saudi Arabia is in view of the voluntary commitments reaffirmed by the 14 member countries and 10 other non-member producing nations, such as Mexico and Russia.
Recently, at the 176th Ministerial Conference of the OPEC, andIn Vienna, the group agreed to extend for a further nine months, until 31 March 2020, the production cut of 1.2 mbd to recover barrel prices, which could be between $60 and $75.
The agency’s Joint Ministerial Monitoring Committee scheduled its next meeting for September this year in Abu Dhabi, United Arab Emirates