OPEC expects maximum in five years increase in supply of oil on behalf of its rivals in 2019, Bloomberg reports. Additional supply from the US only will be enough to cover for global demand growth. 

In its detailed outlook for 2019 OPEC points out that taking into account production boom in North America, OPEC already produces as much as needed from the group. The situation might change, if crisis in Venezuela deepens and sanctions against Iran are renewed.

Global oil demand will grow by 1,45 million barrels a day in 2019, which is a little bit lower than this year. On avergae, demand will be 100,3 million barrels a day.

Supply growth outside OPEC will be the highest since 2014 - 2,1 million barrels a day.

As a result, 15 members of OPEC will have to supply just 32,2 million barrels a day next year, which is slightly lower that 32,3 million barrels that organization pumped in June. However, in current situation it will be difficult to support even this level. Taking into account supply reduction from Venezuela and restictions on Iran, Saudi Arabia, UAE and Kuwait already started increasing output.