OPEC foresees demand for oil supplied by cartel’s producer falling in 2019 faster than was expected before, Bloomberg reports. It happens due to reduction in global demand and increase of supplies from rivals.

Such situation explains why some OPEC’s members are trying to initiate new supply cuts next year.

Global demand for group’s oil will be about 3,15 million barrels per day next year. This is 500000 barrels per day lower than was forecasted just two months ago and 1,4 million lower that current production level.

Estimate for supply from outside of OPEC in 2019 was raised by 120000 barrels per day. And this is despite of the fact that production outlook for Canada, China, Brazil and Mexico was reduced. The largest gain to supply from outside of organization will come from the US.

Global demand growth forecast was cut by 70000 barrels per day due to concern about state of emerging economies.

In October OPEC’s output grew by 127000 barrels per day. The largest increase was observed in UAE and Saudi Arabia, while export from Iran continues to fall.