OPEC forecasts oil demand to grow in 2020

The organization estimates that the volume will grow by 1.14 million barrels per day from 2019 level.

From the Newsroom

Vienna – Global oil demand growth is forecast to increase by 1.14 million barrels per day next year, as per the monthly report made public this Thursday (11) by the Organization of Petroleum Exporters Countries (OPEC) in Vienna, Austria. The forecast considers an expected global economic growth of 3.2% in 2020. The information is from WAM, the United Arab Emirates state-owned news agency.

The demand for OPEC crude oil for 2020 is projected at 29.3 million barrels per day, 1.3 million barrels per day lower than the 2019 level. Non-OPEC oil supply, however, may grow by 2.4 million barrels per day in 2020 from the current year.

According to the report, the higher non-OPEC production forecast is based to the debottlenecking of oil infrastructure in North America and new project ramp ups in Brazil, Norway and Australia.

The transport sector will lead growth on demand, OPEC says. Demand from the petrochemical sector is also expected to remain strong.

Translated by Guilherme Miranda

Mladen Antonov/AFP

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