The Organization of the Petroleum Exporting Countries has downwardly revised its forecast for global oil demand growth over both the medium-term and long-term, citing tough market conditions and “signs of stress” in the world economy.
As a result, OPEC has lowered its outlook numbers for global oil demand growth, to 104.8 million barrels per day by 2024, and 110.6 million b/d by 2040. Already, the non-OPEC crude supply is expected to rise by 5.3mn b/d to 50.8mn b/d between this year and 2024, largely as US tight oil production continues to soar. Global demand will grow by 4.9mn b/d to 104.8mn b/d over the same period, with increases primarily from non-OECD countries and from the petrochemical sector.
The WOO presents the OPEC Secretariat’s medium-term and long-term analysis of the energy market, as well as projections for the global economy. “Meanwhile, growth in demand is slowing because of the poorer economic climate. So, we see a return to a major surplus at the beginning of next year.” The OPEC’s WOO said oil accounted for more than 31% of global energy demand in 2018, ahead of coal and gas .
Source: News Formal (newsformal.com)
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