Resumption of sanctions on Iran should reduce demand at 2019, according to OPEC

The decline in Iranian oil exports has been replaced by the resumption of U.S. sanctions, according to OPEC (Organization of Petroleum Exporting Countries). The group also reduced the fuel demand forecast to 2019 to avoid overproduction — in the previous week, OPEC had already gathered to discuss the issue.

In a monthly report, OPEC stated that its production fell only 11000 barrels per day, becoming 32,970,000 bpd in the month of November. Despite the re-position of U.S. sanctions on Iran, Saudi Arabia has bombed at a record rate.

Still according to the organization, the demand for oil in 2019 should be reduced to 31,440,000 bpd. While rivals increase their production at an accelerated pace, OPEC and its allies, in a meeting held in Vienna, agreed to re-cut the offer next year, with a forecast to reduce production by 1.2 million.

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