# OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus

> OPEC cut its 2019 global oil demand growth forecast by 40,000 bpd to 1.10 million bpd, citing slowing economies, the US-China trade dispute and Brexit. It indicated a slight market surplus in 2020 and kept its 2020 demand growth forecast at 1.14 million bpd. Oil traded below $59 a barrel after the report.

- Date: 2019-08-16 · published 2019-08-16T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/57507-opec-sees-bearish-oil-outlook-for-rest-of-2019-points-to-2020-surplus
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A weaker demand outlook and projected 2020 surplus point to lower crude prices, reducing diesel and energy costs for feed supply chains. The report also strengthens the case for maintaining OPEC+ cuts.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-09-23 | [OPEC raises U.S. oil supply outlook, sees lower demand for own crude](https://feedsoft.ai/events/62935-opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude.md) | +3.4% | -2.3% |
| WTI | 2018-10-11 | [OPEC says oil market well supplied, wary of 2019 surplus](https://feedsoft.ai/events/62457-opec-says-oil-market-well-supplied-wary-of-2019-surplus.md) | -4.8% | -15.7% |
| WTI | 2026-04-17 | [Goldman sees softer oil demand, flags two-sided risks to 2026 price outlook \| Reuters](https://feedsoft.ai/events/8810-goldman-sees-softer-oil-demand-flags-two-sided-risks-to-2026-price-outlook.md) | +2.3% | +7.9% |
| WTI | 2018-02-12 | [OPEC hikes 2018 forecast for oil supply growth on a flood of US crude](https://feedsoft.ai/events/66425-opec-hikes-2018-forecast-for-oil-supply-growth-on-a-flood-of-us-crude.md) | +4.4% | +3.6% |
| WTI | 2020-10-17 | [OPEC+ fears second virus wave could lead to oil surplus in 2021 - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/50553-opec-fears-second-virus-wave-could-lead-to-oil-surplus-in-2021-energy-news-top.md) | -2.4% | -1.9% |
| BRENT | 2018-09-23 | [OPEC raises U.S. oil supply outlook, sees lower demand for own crude](https://feedsoft.ai/events/62935-opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude.md) | +4.9% | +1.6% |
| BRENT | 2018-10-11 | [OPEC says oil market well supplied, wary of 2019 surplus](https://feedsoft.ai/events/62457-opec-says-oil-market-well-supplied-wary-of-2019-surplus.md) | -4.2% | -14.8% |
| BRENT | 2026-04-17 | [Goldman sees softer oil demand, flags two-sided risks to 2026 price outlook \| Reuters](https://feedsoft.ai/events/8810-goldman-sees-softer-oil-demand-flags-two-sided-risks-to-2026-price-outlook.md) | +1.3% | +0.6% |

## Sources

- hydrocarbonprocessing.com: https://www.hydrocarbonprocessing.com/news/2019/08/opec-sees-bearish-oil-outlook-for-rest-of-2019-points-to-2020-surplus/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.