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11/13, 6:48 PM (Source: TeleTrader)
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EIA reduces 2019 oil demand forecast by 90K bpd

The United States Energy Information Administration (EIA) said on Wednesday that it reduced its forecast for global oil demand this year by 90,000 barrels per day (bpd) and added it now expects world demand for oil to increase by 750,000 bpd compared to 2018. Meanwhile, the agency expects global oil demand to grow by 1.37 million bpd in 2020 year-on-year.

In the last quarter of the year, the EIA sees crude oil production in the US above the average 13 million bpd. Meanwhile, the forecast for US output for the whole 2019 was revised up from 1.27 million bpd last month to 1.3 million bpd this month.

In 2020, the US is seen as pumping even more crude oil than forecast in the previous month as the figure increased from 13.17 million bpd to 13.29 million bpd.

Breaking the News / VP