OPEC’s research and analysis arm pointed towards a much tighter market in 2019 as the group has seen its production fall significantly this year, led by curbs to Saudi Arabian output along with dramatic, involuntary declines from sanctions-hit Venezuela. In its monthly oil market report, OPEC estimates demand for its crude to average 30.30 million b/d in 2019, a fall of 1.05 million b/d on the year, signifying that oil inventories are going to decline sharply, pointing to a very tight market. But it said that the market remains oversupplied and warned of slowing demand growth. The group’s 14 members pumped 30.02 million b/d in March, its lowest output figure since February 2015. This is 100,000 b/d lower than the call on its own crude. Demand for OPEC crude in 2018 averaged 31.35 million b/d. […]