• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 4 hours In a Nutshell...
  • 5 mins During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 2 hours Is OilPrice a cover for Green Propganda
  • 6 hours Putin Paid Militants to Kill US Troops
  • 2 hours Why Wind is pitiful for most regions on earth
  • 2 days Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 21 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 2 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 20 mins Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 23 hours Happy 4th of July!
  • 21 hours Apology Accepted!
  • 2 days The Political Genius of Donald Trump
  • 3 days Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
Is The UK Doing Enough To Stimulate EV Sales?

Is The UK Doing Enough To Stimulate EV Sales?

Electric vehicle sales in the…

A Clear Sign That OPEC Compliance Is Working

A Clear Sign That OPEC Compliance Is Working

OPEC basket price broke beyond…

Europe's Leaked Hydrogen Strategy Is Very Ambitious

Europe's Leaked Hydrogen Strategy Is Very Ambitious

The hydrogen hype is quickly…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC Raises 2020 Global Oil Demand Growth Estimate

Healthier global economic growth in 2020 is expected to lead to higher oil demand growth this year, OPEC said in its closely-watched Monthly Oil Market Report (MOMR) on Wednesday.

OPEC raised its 2020 economic growth forecast by 0.1 percentage point to 3.1 percent.  

As a result of the improved economic outlook for this year, the cartel revised up its forecast for the 2020 global oil demand growth by 140,000 barrels per day (bpd) to 1.22 million bpd.   

Oil demand growth in developed economies will be just 90,000 bpd this year, thanks to mature economies in America, but the bulk of global oil demand growth will come from developing Asian economies, particularly India and China, OPEC said. Oil demand growth in non-OECD countries will be 1.13 million bpd this year.  

“The low interest rate environment is likely to support economic growth expected at 3.1% in 2020. Moreover, some additional support could possibly come from countries with ample fiscal space, taking the opportunity to borrow at very low rates – or sometimes negative rates – to finance infrastructure projects, which is expected to support the demand for oil,” OPEC said.

The cartel also revised up its non-OPEC oil supply growth estimates for this year, by 180,000 bpd to 2.35 million bpd, thanks to upward revisions for the oil production in Norway, Mexico, and Guyana.

“The US, Brazil, Canada and Australia are the key drivers for growth in 2019, and continue to lead growth in 2020, with the addition of Norway and Guyana,” OPEC said.

Referring to OPEC’s production for December, the cartel’s secondary sources—the ones it considers legit—found that production fell by 161,000 bpd compared to November, to average 29.44 million bpd last month.

Saudi Arabia, Iraq, and the UAE—the top three OPEC producers—were the countries which reduced their production the most in December, with the Saudis cutting 111,000 bpd from November to 9.762 million bpd.  

OPEC’s production figures confirm earlier surveys that the cartel not only continued to cut its crude oil production in December 2019, but it also managed to reach its deeper-cut target for Q1 2020 a month earlier than planned. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




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