IEA: Global oil demand jumps 1.1M bpd in Q3

Friday, 15. November 2019 10:03

The International Energy Agency (IEA) said in its monthly report on Friday that global oil demand jumped by 1.1 million barrels per day (bpd) in the third quarter of 2019 compared to the same period a year ago, led by a demand growth of 640,000 BPD in China. The figure marks a significant increase from the second quarter of 2019 when global demand rose by 435,000 bpd. The Paris-based agency expects demand growth to accelerate further in the final three months of the year.

Meanwhile, global supply was up 1.5 million bpd in October as Saudi Arabian oil output returned to normal after disruptions caused by attacks on Aramco facilities in September.

The IEA also noted that the oil market remains calm despite ongoing geopolitical tensions as a result of "a well-supplied market and high inventories" and noted it expects the situation to extend to next year as non-OPEC producers, led by the US and Barzil, are set to increase production by 2.3 million bpd.

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Breaking the News / NP