OPEC: Oil demand unchanged in December

Wednesday, 11. December 2019 14:00

The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand growth to rise by 0.98 million barrels per day until the rest of the year, in line with its previous estimate, the cartel said in its closely-watched monthly report released on Wednesday.

In 2020, the group reported it sees crude demand increasing by 1.08 mb/d, also unchanged from its previous report.

OPEC said that non-OPEC oil supply growth in 2019 was lower than market expectations on the back of weaker growth in Canada, Brazil, Norway, Kazakhstan, China, and Russia. The forecast for this year remains at 1.82 mb/d, unchanged month-on-month, while expectations for 2020 remain unchanged at 2.17 mb/d but "subject to some uncertainties, including the degree of spending discipline by US independent oil companies."

The report comes following the OPEC+ meeting in Vienna, where members and allied producers agreed to deeper production cuts.

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