OPEC: Oil demand unchanged in November

Thursday, 14. November 2019 13:10

The Organization of Petroleum Exporting Countries (OPEC) said in its monthly oil market report for November that global demand growth for crude remained unchanged, estimated at 0.98 million barrels per day. The projection for global demand growth in 2020 was unchanged at 1.08 mb/d. The report added that demand for OPEC oil also remained at the October level, for both 2019 and 2020, at 30.7 mb/d and 29.6 mb/d, respectively.

On the other hand, the annual growth of supply of non-OPEC oil stood at 1.82 mb/d, the same level as in October, according to the data from the organization. However, non-Opec crude supply growth for 2020 was revised down by 34 tb/d to 2.17 mb/d, mostly due to the revision made for the United States, which is one of the leading drivers of growth in 2019 and, expectedly, in 2020. Mexico, on the other hand, is seen as the largest downward contributor in the current year and next year.

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Breaking the News / NI