• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 12 hours U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 3 hours Socialists want to exorcise the O&G demon by 2030
  • 4 hours Chevron to Boost Spend on Quick-Return Projects
  • 19 hours What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 2 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 11 hours UK, Stay in EU, Says Tusk
  • 2 hours Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 1 hour Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It's Exist
  • 4 hours Conspiracy - Theory versus Reality
  • 16 hours Maritime Act of 2020 and pending carbon tax effects
  • 1 day Venezuela continues to sink in misery
  • 1 day Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 11 hours Regular Gas dropped to $2.21 per gallon today
Alt Text

Heavy Crude: From Glut To Shortage

Some analysts are worrying about…

Alt Text

How Supermajors Are Transforming The Permian

The Permian Basin once played…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

OPEC Head: Global Oil Demand To Hit 100 Million Bpd This Year

Global oil demand will reach 100 million bpd later this year, “much sooner” than previously anticipated, OPEC’s Secretary General Mohammad Barkindo said an event on Wednesday, in a sign that the cartel expects global oil demand will continue to be strong for the rest of the year.

“The world will attain the 100 million barrels a day mark of consumption later this year, much sooner than we all earlier projected. Therefore stabilizing forces which create conditions conducive to attracting investments are essential,” Reuters quoted Barkindo as saying at an oil and power conference in Cape Town, South Africa.

OPEC’s priority is to ensure stability in oil prices that would encourage the industry to return to investing, the OPEC chief noted.

OPEC’s latest Monthly Oil Market Report from August projects that this year total oil demand will reach 98.83 million bpd, with oil demand growth at 1.64 million bpd, revised down by 20,000 bpd from the July assessment, mainly due to weaker-than-expected oil demand data from Latin America and the Middle East in the second quarter. For 2019, OPEC forecasts world oil demand to grow by another 1.43 million bpd, also revised down by 20,000 bpd from the previous month’s assessment. Total world consumption for 2019 is expected at reach 100.26 million bpd, reaching the 100-million-bpd mark in the third quarter of 2019.

The International Energy Agency’s (IEA) Oil Market Report from August says that the global growth outlook still looking “solid for now” at 1.4 million bpd, but the growth figure has so far been heavily influenced by high demand in the first quarter this year.

In the latest report last month, the Paris-based agency revised up its 2019 demand growth outlook slightly upwards by 110,000 bpd, to 1.5 million bpd, “but there are risks to the forecast from escalating trade disputes and rising prices if supply is constrained,” it warned.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News