The US remains a wildcard, with no intent to be tied in a production agreement. The International Energy Outlook presents an assessment by the U.S. Energy Information Administration of the outlook for international energy markets through 2050. OPEC 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.. However, lower prices and downstream expansion, in particular in the petrochemical sector, will be supportive. Similar to the March STEO, EIA analyzed reductions in oil demand … Global oil demand growth is expected to moderate next year as the world economy is expected to grow slightly less than this year, OPEC said on Wednesday in its projections for the 2019 demand. Price and supply wise, its Middle East ally Saudi Arabia still stands at loggerheads. The IEA cut its oil demand growth estimate for 2019 by 90,000 bpd to 1.3 million bpd. In March 2019, OPEC crude oil production decreased by 534 tb/d to average 30.02 mb/d, according to secondary sources. Global oil supply to swamp demand in 2019 despite output cuts: IEA. Global Petroleum and Other Liquid Fuels Consumption. Demand for OPEC crude in 2018 is estimated at 31.4 mb/d, 1.5 mb/d lower than the 2017 level. Amanda Cooper . Oil 2019, the annual IEA outlook for global oil markets, examines the key issues in demand, supply, refining and trade to 2024. PDF PPT Note: Chart data can be accessed by right-clicking the chart in the PPT file. Global Economy to Drive Strong Oil Demand in 2019, Says IEA Report says demand will grow by 1.4 million barrels a day; warns of risks to forecast, including trade protectionism Projected oil demand in Asia-Pacific is the highest in the world, at 36.7 million barrels daily in 2020, followed closely by the Americas. Global oil supply will outpace demand throughout 2019, the International Energy Agency forecasted in its latest Oil Market Report. 3 Min Read. In 2019, demand for OPEC crude is forecast at 30.3 mb/d, around 1.1 mb/d lower than the estimated 2018 level. Global crude oil demand may slow in 2019 on tighter liquidity and a slightly higher risk of economic down cycle. Bank of America Merrill Lynch said “global oil demand growth is running at the weakest rate since 2012,” although it still estimates growth to be around 1.2 million bpd for 2019. In the April STEO, EIA’s 2020 global oil consumption forecast has undergone major revisions to reflect the most up-to-date information available. Global oil demand growth is expected to slow from 2025 as fuel efficiency improves and the use of electrified vehicles increases the IEA said on Wednesday. Balance of Supply and Demand. International Energy Outlook 2019.
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