OPEC Revises Down 2019 Global Oil Demand Growth Estimate By 80,000 Barrels Daily - Report

(@ChaudhryMAli88)

OPEC Revises Down 2019 Global Oil Demand Growth Estimate by 80,000 Barrels Daily - Report

The Organization of the Petroleum Exporting Countries (OPEC) revised down its estimate for 2019 global oil demand by 80,000 barrels per day to 1.02 million barrels daily, according to the September report

MOSCOW (UrduPoint News / Sputnik - 11th September, 2019) The Organization of the Petroleum Exporting Countries (OPEC) revised down its estimate for 2019 global oil demand by 80,000 barrels per day to 1.02 million barrels daily, according to the September report.

"World oil demand in 2019 is expected to grow by 1.02 mb/d, which is 0.08 mb/d lower than last month's projection," the report read.

"In 2020, world oil demand is projected to increase by 1.08 mb/d. This also represents a downward adjustment of 0.06 mb/d from the previous month's assessment, mainly to accommodate changes to the world economic outlook for 2020," the report said.

Regarding supply, the non-OPEC supply growth for this year was "revised up by 10 tb/d from last month's projections to 1.

99 mb/d."

"Upward revisions to oil production from Russia, Kazakhstan, Australia and Canada outpaced a downward revision to the US oil supply forecast. The main drivers for growth in 2019 are the US with growth of 1.8 mb/d, along with Brazil, China, the UK, Australia and Canada. Mexico and Norway are projected to see the largest declines," the report said.

At the same time, the estimate for non-OPEC oil supply growth in 2020 was revised down by 136,000 barrels per day.

"This is mainly due to a large downward revision to US oil supply, which is now expected to grow by 1.54 mb/d," the report read.

Your Thoughts and Comments