OPEC offsets Iran oil loss, sees lower 2019 demand

In a monthly report, the Organization of the Petroleum Exporting Countries said 2019 demand for its crude would fall to 31.44 million barrels per day, 100,000 bpd less than predicted last month and 1.53 million less than it currently produces.Worried by a drop in oil prices and rising supplies, OPEC and its allies including Russia last week agreed to return to supply cuts next year.OPEC expects global oil demand to slow next year and sees little support from the economic backdrop.