EIA raises 2020 global oil demand forecast by 50K bpd

Tuesday, 10. December 2019 18:33

The Energy Information Agency (EIA) announced on Tuesday that it increased its global oil demand forecast by 50,000 barrels per day (bpd). It now expects world oil demand to grow 1.42 million bpd year-on-year. The agency noted that its world oil demand growth forecast for 2019 remains unchanged at a rise of 0.75 million bpd.

EIA said that it sees OPEC oil production at an average of 29.3 million bpd in 2020, which will mark a decrease of 0.5 million bpd compared to 2019. Meanwhile, the agency stressed oil production in the United States is expected to come in at an average of 13.2 million bpd in 2020 which will be an increase of 0.9 million bpd year-on-year despite a decline in oil rigs due to rig efficiency.

West Texas Intermediate (WTI) for January delivery was up 0.30% at $59.19 per barrel at 12:22 pm ET while February Brent traded 0.08% in the green at $64.34 per barrel at 12:23 pm ET.

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