OPEC leaves 2020 oil demand forecast unchangedChristian Fernsby ▼ | October 10, 2019
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.
World Oil drillers
Topics: OPEC oil demand
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. ■