1/15, 1:42 PM (Source: TeleTrader)
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OPEC: Oil demand growth revised up to 1.22 mb/d in 2020

The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand growth to rise by 1.22 million barrels per day in 2020, revised up by 0.14 mb/d, the cartel said in its monthly report released on Wednesday. Meanwhile, global oil demand growth for 2019 is revised lower by 0.05 mb/d, landing at 0.93 mb/d.

Meanwhile, non-OPEC oil supply growth for 2019 is revised higher by 0.04 mb/d compared to the previous report, reaching an estimated growth figure of 1.86 mb/d. United States liquids output growth was the main driving force behind the increase. Non-OPEC oil supply forecast for 2020 was revised up by 0.18 mb/d to 2.35 mb/d led by Norway, Mexico, and Guayana's upward revisions.

OPEC crude demand estimates for 2020 is revised lower by 0.1 mb/d compared to the previous report, standing at 29.5 mb/d. The figure slid 1.2 mb/d from the 2019 level.

Breaking the News / GA