# OPEC Sees Weaker Demand for Its Crude as US Oil Supply Thrives - TT

> OPEC cut its estimate of how much crude the world will need from the group in 2019 by 240,000 bpd, to 30.59 million bpd. The forecast was lifted for non-OPEC supply on an improved Gulf of Mexico outlook, while U.S. shale output keeps setting records. Brent traded near $63 a barrel.

- Date: 2019-02-12 · published 2019-02-12T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/60519-opec-sees-weaker-demand-for-its-crude-as-us-oil-supply-thrives-tt
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower OPEC demand for its crude and rising US supply point to a looser market, which weighs on crude and energy input costs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2018-02-12 | [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) | +2.6% | +3.9% |
| BRENT | 2023-10-04 | [Oil settles down more than $5 as US data shows weak demand for gasoline](https://feedsoft.ai/events/7361-oil-settles-down-more-than-5-as-us-data-shows-weak-demand-for-gasoline.md) | -3.8% | -6.0% |
| BRENT | 2022-04-13 | [Opec cuts 2022 supply and demand forecasts amid Ukraine conflict and high inflation \| The National](https://feedsoft.ai/events/42018-opec-cuts-2022-supply-and-demand-forecasts-amid-ukraine-conflict-and-high.md) | +1.3% | +2.9% |
| BRENT | 2025-04-14 | [OPEC cuts global oil demand growth forecasts, citing US tariffs](https://feedsoft.ai/events/25325-opec-cuts-global-oil-demand-growth-forecasts-citing-us-tariffs.md) | +3.0% | -1.0% |
| 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 | 2018-02-12 | [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 | 2023-10-04 | [Oil settles down more than $5 as US data shows weak demand for gasoline](https://feedsoft.ai/events/7361-oil-settles-down-more-than-5-as-us-data-shows-weak-demand-for-gasoline.md) | -3.7% | -8.8% |

## Sources

- ttnews.com: https://www.ttnews.com/articles/opec-sees-weaker-demand-its-crude-us-oil-supply-thrives

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