Baku, Azerbaijan, July 30
By Leman Zeynalova - Trend:
Global oil demand grew by 1.4 percent, slightly lower than in 2017 (+1.6 percent) in a context of increasing oil prices, Trend reports citing the World Oil Review – 2019 of Italy’s Eni company.
“The growth is slightly under the five-year average of 1.7 percent recorded in 2013-2017. For the fourth year in a row, OECD (Organization for Economic Co-operation and Development) gave positive support to global growth, but non-OECD maintained the dominant share, accounting for 69 percent of the overall growth,” said the company.
The report shows that Asia leads the global refining capacity growth accounting for over 75 percent of the 1 Mb/d increase versus 2017. In Africa a minor cut reduced capacity by around 0.3 Mb/d, according to Eni.
As for prices, the OPEC and non-OPEC alliance and the sustained growth in consumption led to a 30 percent rise in ICE Brent price (72 $/b) compared to 2017 (55 $/b), reads the report.
“In the first part of the year the high OPEC+ discipline and the announcement of the US sanctions against Iran supported a rising price curve. The year ended in sharp decline, due to increases of Saudi Arabia and Russia production in excess of geopolitical losses and due to growing fears of a slowdown in economic growth,” said Eni.
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