Global oil demand is weathering economic headwinds, the International Energy Age...
FILE PHOTO: Drilling rigs operate at sunset in Midland, Texas, U.S., February 13, 2019. REUTERS/Nick Oxford/File Photo
“With oil prices currently about 20% lower than a year ago, there will be support for consumers,” the IEA said in its monthly report. The Paris-based agency maintained its estimate for growth in global oil demand during 2019 at 1.1 million bpd and 1.3 million bpd for next year, assuming no further breakdown in U.S.-China trade talks and citing an easing of tensions around Iran.
Non-OPEC production growth is seen rising to 2.3 million bpd in 2020, up 400,000 from this year. Meanwhile, demand for OPEC crude is set to reach 28.3 million bpd in the first half of 2020, 1.4 million bpd less than the group produced in August.
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