OPEC: Oil output fell 534K bpd in March to 30.022M

According to its recently published monthly report, OPEC's oil output in March decreased by 534,000 barrels per day to 30.022 million bpd. OPEC further announced that it expects 2019 demand for its crude oil to be 30.30 million bpd, 160,000 bps lower from the previous estimate. 

Additionally, OPEC slashed its forecast for 2019 global oil demand growth to 1.21 million bpd from 1.24 bpd, pointing out economic slowdown as the primary reason behind that decision. 

Meanwhile, crude oil didn't show a significant reaction and the barrel of West Texas Intermediate was last seen trading at $64.35, adding 0.2% on the day.