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OPEC leaves 2020 oil demand forecast unchanged

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Christian Fernsby ▼ | October 10, 2019
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The Organization of the Petroleum Exporting Countries in its monthly report on Thursday forecast world oil demand to grow by 980,000 barrels a day in 2019, down 4,000 barrels a day from its September estimate.

Topics: OPEC oil demand

OPEC, however, left its outlook for 2020 demand growth unchanged at 1.08 million barrels a day.

OPEC sees total world oil demand averaging 99.8 million barrels a day in 2018 and 100.88 million barrels a day in 2020.

OPEC, meanwhile, revised down its forecast for non-OPEC oil supply growth by 160,000 barrels day to 1.82 million barrels a day, mainly reflecting downward revisions for the U.S., as well as Norway and the U.K.

For 2020, non-OPEC oil supply growth was revised down by 5,000 barrels a day to 2.2 million barrels a day year-over-year due to downward revisions for Kazakhstan and Russia.


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