OPEC expects global oil demand to grow at a daily rate of 1.5 million bpd this year, further slowing down to 1.29 million bpd in 2019, the organization said in the latest issue of its Monthly Oil Market Report. This is 40,000 bpd and 70,000 bpd lower in demand growth projections for 2018 and 2019, respectively, from last month’s report. This is the fourth downward oil demand growth revision from the Organization of Petroleum Exporting Countries in as many months, suggesting that the worry about demand has caught up with the cartel that supplies most of the world’s oil. What’s more, the downward revisions are getting larger: in the October Monthly Oil Market Report, OPEC revised down its global oil demand growth projection by 80,000 bpd from the September estimate, which, in turn, was 20,000 bpd lower than the August figure. Interestingly, the downward demand revisions are accompanied by […]