OPEC Predicts 2019 Surplus, Saudi Cuts Production – 13 August, 2018
The OPEC forecast for next year predicts a drop in demand for next year which would cut roughly 130,000 barrels per day bringing the total from all 15 countries to 32.05 million barrels per day. Crude prices lowered after the release of data to trading under $73 per barrel. In an effort to avoid oversupply, Saudi Arabia announced it would be cutting down production after having to raise it to support shortfalls from other countries.