OPEC lowers estimate for global oil demand due to slower economic growth and US shale output growth

OPEC on Thursday lowered its estimate for the global oil demand next year due to the slower economic growth and US shale output growth.

The monthly report of the Organization of the Petroleum Exporting Countries (OPEC) said in its latest report that the world oil demand growth is to decline to 1.36 million barrels a day in 2019 from 1.54 million barrels a day this year, Xinhua reported.

The cartel believed that the slowing economic growth and the increase of the world oil supply, led by the US shale output rise are the reasons for oil demand decrease.

The oil price rose in the past months due to the US sanctions on Iran.

(With inputs from agencies.)