Key highlights from OPEC's monthly oil market report

Market news

12 February 2019

Key highlights from OPEC's monthly oil market report

OPEC sees demand for its crude at 30.6 mbpd
Production dropped 797K bpd in January to 30.8 mbpd
Increases estimate for non-OPEC supply growth in 2018-19
Reduces demand growth projection by 50kbpd to 1.24 mbpd
Saudi output in January at 10.2 mbpd vs 10.3 mbpd target
OPEC pointed to the growth in shale as taking market share. It continues to point to oversupply but the problem is that as cartel cuts and props up prices, it brings more money into shale, creating a new rival.

BoE governor Carney: A modest tightening of monetary policy over time will likely be sufficient to achieve inflation targets

UK PM May to Government: Will not be able to bring meaningful vote on Brexit deal this week

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