Saudi Cuts Oil Output As OPEC Points To 2019 Surplus

OPEC on Aug. 13 forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.

In a monthly report, the OPEC said the world will need 32.05 million barrels per day (MMbbl/d) of crude from its 15 members in 2019, down 130,000 bbl/d from last month’s forecast.