OPEC: trade tensions affect oil demand

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Global trade tensions affect international oil demand. That is what oil cartel OPEC said in its monthly report. The organization says that as a result, the demand for oil increased considerably less sharply in the first three months of this year than previously thought.

The organization now thinks that the demand for oil will increase less sharply throughout 2019 than previously anticipated, and points to the greater risks for oil demand in the world. Demand is expected to rise by an average of 1.14 million barrels per day, from a previously predicted increase of 1.21 million barrels per day.

OPEC is preparing for a production meeting in Vienna, although an official date has yet to be set. OPEC will probably decide, together with allies like Russia, to extend the production limitation until the end of this year.

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Oliver I. Kjeldsen

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