OPEC cuts global oil demand forecast

OPEC cut its forecast for 2019 world oil demand due to slowing economies and expectations of faster supply growth from rivals, underlining its challenge to prevent a surplus even as it starts new production cuts.

OPEC said it now expects the world's appetite for oil to grow by 1.24 million bpd, or 50,000 bpd less than its last estimate. The revision is just a fraction of global demand, which is expected to hit 100 million bpd in 2019, but OPEC has already cut its forecast several times in recent months.

Meanwhile, OPEC increased its forecast for non-OPEC production by 80,000 bpd to 2.18 million bpd, citing higher-than-expected output from the U.S. Gulf of Mexico, CNBC reported.

In the report, OPEC said its oil output fell by 797,000 bpd month on month to 30.806 million bpd in January. That amounts to 86% compliance with pledged cuts, according to a Reuters calculation.