OPEC Revises Down Global Oil Demand Growth For 2019 By 0.04 Mb/D To 0.98 Mb/D

OPEC Revises Down Global Oil Demand Growth for 2019 by 0.04 Mb/D to 0.98 Mb/D

The Organization of the Petroleum Exporting Countries (OPEC) revised down its forecast for the global oil demand growth for 2019 by 40,000 barrels per day compared to previous estimates to 980,000 barrels per day, according to the monthly report issued Thursday

MOSCOW (Pakistan Point News / Sputnik - 10th October, 2019) The Organization of the Petroleum Exporting Countries (OPEC) revised down its forecast for the global oil demand growth for 2019 by 40,000 barrels per day compared to previous estimates to 980,000 barrels per day, according to the monthly report issued Thursday.

"In 2019, world oil demand growth was revised down marginally by 0.04 mb/d to 0.98 mb/d, reflecting the latest available data in OECD Americas and Asia Pacific which necessitated the downward adjustment. In 2020, world oil demand is forecast to grow by 1.08 mb/d, in line with last month's projections," the report read.

Regarding supply growth, the non-OPEC figures were revised down "by 0.16 mb/d from the previous assessment to a level of 1.82 mb/d."

"This is due to downward revisions mainly in the US, as well as in Norway and the UK, which outpaced upward revisions in Kazakhstan and China, among others. US oil supply growth has now been revised down to 1.67 mb/d y-o-y. The non-OPEC oil supply growth forecast for 2020 was revised down by 0.05 mb/d from last month's assessment to 2.20 mb/d y-o-y due to downward revisions to Kazakhstan and Russia, which outpaced upward revisions, mainly to China," the report said.