OPEC says output higher than demand for its oil

LONDON, March 14 (Reuters) – OPEC is pumping more than enough oil to keep consumers satisfied and a potential U.S. recession could mean lower demand for its crude, the group said on Friday.

OPEC, in its monthly oil market report, said there was little risk of a rise in oil demand growth forecasts given the slowing economy of the world’s top fuel consumer.


Despite record prices above $110 a barrel, the Organization of the Petroleum Exporting Countries still expects global consumption this year to expand by 1.2 million barrels per day (bpd) to average 86.97 million bpd.

“With latest data pointing to a potential recession in the U.S., oil demand growth is not likely to be higher than projected, resulting in lower demand for OPEC crude,” it said.

“At the same time, early indications clearly show that the market is amply supplied.”

Reuters