OPEC sees more 2019 demand for its oil as it keeps cutting output

FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside their headquarters in Vienna
FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside their headquarters in Vienna, Austria December 7, 2018. REUTERS/Leonhard Foeger/File Photo

May 14, 2019

LONDON (Reuters) – OPEC said on Tuesday that world demand for its oil would be higher than expected this year as supply growth from rivals including U.S. shale producers slows, pointing to a tighter market if the exporter group refrains from raising output.

But the Organization of the Petroleum Exporting Countries, in a monthly report, said its output fell slightly in April as U.S. sanctions on Iran added to the impact of an OPEC-led supply-cutting pact.

OPEC, Russia and other non-member producers are reducing output by 1.2 million barrels per day from Jan. 1 for six months. The producers meet on June 25-26 to decide whether to extend the pact.

(Reporting by Alex Lawler; Editing by Dale Hudson)

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