MOSCOW (Pakistan Point News / Sputnik - 11th October, 2019) The International Energy Agency (IEA) revised down the global oil demand growth forecast in 2019 to 1 million barrels daily, according to the monthly report.
"Global oil demand recovered from earlier low levels, rising o.8 mb/d year-on-year in July and 1.4 mb/d in August. Growth is expected to quicken to 1.6 mb/d in 2H19, benefitting from a lower base in 2018 and oil prices currently 30% lower y-o-y. Our demand growth forecasts for 2019 and 2010 are both reduced by 0.1 mb/d, to 1 mb/d and 1.2 mb/d, respectively. For 2019 this reflects changes to 2018 data and for 2020 it reflects a lower GDP outlook," the IEA said.
"OECD industry stocks increased by 20.8 mb in August to 2 974 mb and stood 43.1 mb above the five-year average. Stocks in terms of days of forward demand rose by 0.6 days to 61.6 days, which is 0.6 days below the average. Preliminary data for September showed stocks falling in all three OECD regions and by 21.7 mb overall," the report added.
