By Dmitry Zhdannikov
ABU DHABI, Sept 9 (Reuters) - Global oil demand will grow atthe slowest pace in many years in 2019 because of a softer worldeconomy, the chief executive of Austria's OMV said onMonday, predicting that sluggish energy markets will spurmergers and acquisitions in the industry.
"There are signals from our consuming markets that ourindustry should prepare for slower GDP growth. And hence it willtranslate into tougher days," Rainer Seele told Reuters on thesidelines of the World Energy Congress in Abu Dhabi.
Brent oil prices have been trading at around $60 per barrelin recent weeks, down from their 2019 peaks of $75 per barrel,as slower economic growth outweighed lower oil supplies fromsanctions-hit Iran and Venezuela.
Seele said he expected growth in global oil demand to fallbelow 1 million barrels per day this year - for the first timein many years. "And it will continue in 2020," he said.
Softer prices will help rebalance the market as they wouldprompt higher cost producers, including shale firms in theUnited States, to adjust their plans: "I see some predictionsthat U.S. oil production growth may halve soon," he said.
Meanwhile, energy asset prices will also come down.
"The industry might need to prepare for consolidation. TheM&A market might return to a more healthy mode as assets becomemore reasonably priced," said Seele, adding that OMV was for nowtaking a break on the M&A front.(Reporting by Dmitry Zhdannikov; Editing by Susan Fenton)