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World oil demand to rise in 2020

12 December 2019 [13:05] - TODAY.AZ

By Trend


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,Trend reports citing OPEC December Oil Market Report (MOMR).

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.

World oil demand in 2020 is anticipated to increase by 1.08 mb/d to average 100.88 mb/d, also untouched as compared to last month’s MOMR.

In the OECD region, oil demand is projected to increase by 0.07 mb/d, with OECD Americas being in positive territory, driven largely by steady light distillate demand. In the non-OECD region, growth is anticipated to be around 1.01 mb/d with Other Aisa regaining its leading position in terms of oil demand growth, followed by China.

Higher oil requirements in other regions such as Latin America and the Middle East are also projected in 2020 as compared to the current year.

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