EIA lowers global oil demand growth forecast for 2019

Oil&Gas Materials 11 July 2019 12:00 (UTC +04:00)

Baku, Azerbaijan, July 11

By Leman Zeynalova – Trend:

Global oil demand is expected to rise by 1.1 million barrels per day in 2019, Trend reports citing the International Energy Agency (EIA).

EIA forecasts global oil inventories will increase by 0.1 million barrels per day (b/d) in both 2019 and 2020.

“Rising global oil inventories largely reflect an increasingly weak outlook for global oil demand in 2019. EIA forecasts global oil demand will rise by 1.1 million b/d in 2019, 0.2 million b/d less than forecast in the June STEO. In 2020, EIA expects demand growth to average 1.4 million b/d,” reads the Short-Term Energy Outlook released by EIA.

In addition to higher economic growth in 2020 compared with 2019, EIA expects continued global petrochemical demand growth to drive oil demand growth.

In China, EIA expects overall oil demand to increase by 470,000 b/d, with about 200,000 b/d of that growth resulting from new petrochemical plants.

In the United States, EIA forecasts overall oil demand to grow by 210,000 b/d, and 130,000 b/d of that growth results from higher HGL consumption (although not all for petrochemical use). In Russia, about half of EIA’s forecast demand growth of 110,000 b/d is driven by rising petrochemical demand.


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