OPEC: Oil demand to grow by 1.1 mb/d in 2020

Friday, 06. December 2019 15:47

The Organization of the Petroleum Exporting Countries (OPEC) said in a statement on Friday that it expects the global oil demand to grow by 1.1 million barrels per day next year, while the global economic growth is seen at 3%. It noted that, in recent months, it revised down expectations for non-OPEC supply, pointing to trade uncertainties and other macroeconomic developments.

The cartel deepened its production cut by 500,000 bp/d and stated it will go into effect on January 1 and would have to be confirmed by each member by then. The next Joint Ministerial Meeting will be held in March 2020 with an extraordinary conference meeting following on March 5.

The next ordinary meeting was scheduled for June 9, the statement from OPEC noted.

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Breaking the News / NI