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World oil demand to rise in 2020

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Global oil demand in 2020 is anticipated to rise by 1.08 million barrels per day (mb/d), as compared to 0.98 mb/d in 2019.

Axar.az reports citing Trend.

Total global oil consumption is expected to average 99.80 mb/d.

In the countries of the Organization of Economic Co-operation and Development (OECD), oil demand growth was left unchanged as compared to last month’s MOMR with OECD Americas projected to lead growth in 2019 as the ramping-up of production in ethane crackers should provide solid support to demand for NGLs/LPG.

On the other hand, OECD Europe and Asia Pacific are projected to decline y-o-y in line with slower-than-expected industrial activity and significant petrochemical plant turnarounds. In the non-OECD region, oil demand growth was kept in line with last month’s projections.

China is anticipated to lead demand growth globally in 2019, rising by 0.35 mb/d, followed by Other Asia, which is expected to add 0.30 mb/d y-o-y.

Additionally, oil demand growth in Latin America and the Middle East is projected to improve from 2018 levels to increase by 0.04 mb/d and 0.06 mb/d y-o-y, respectively.

Date
2019.12.11 / 19:11
Author
Axar.az
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