OPEC cuts oil demand forecast, sees weaker market share

Nov. 5, 2019 3:50 AM ET|About: The United States Oil ETF, LP (USO)|By: Yoel Minkoff, SA News Editor 

"The outlook for global growth, at least in the short- and medium-term, has been revised down repeatedly over the past year... as U.S. tight oil (shale), in particular, has again outperformed expectations," OPEC wrote in its closely-watched annual World Oil Outlook.

As a result, the 14-member group lowered its outlook numbers for global oil demand growth, to 104.8M barrels per day by 2024, and 110.6M bpd by 2040.

OPEC's production of crude oil and other liquids is also expected to decline to 32.8M bpd by 2024, compared with 35M bpd in 2019.

Crude futures +0.3% to $56.73/bbl.