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World oil demand to rise by 1.29 mb/d

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THE Organisation of Petroleum Exporting Countries, OPEC, world oil demand has been projected to rise by1.29 million barrels per day, bpd in 2019.

President Buhari and Ibe Kachikwu

In its recent report sent to Vanguard, OPEC stated: “In 2019, world oil demand is anticipated to rise by 1.29 mb/d, similar to last month’s projections. As a result, total world oil demand is anticipated to reach 100.08 mb/d. Oil demand growth is projected to originate from Other Asia, led by India, followed China, then OECD Americas.

“OECD countries will rise by 0.25 mb/d, while non-OECD countries will drive oil demand growth by adding an estimated 1.04 mb/d in 2019. Non-OPEC oil supply growth in 2018 is estimated at 2.50 mb/d, an upward revision of 0.19 mb/d from the previous month’s assessment.

“The US, Canada, Russia and Kazakhstan are expected to be the main growth drivers, while Mexico and Norway are anticipated to show the largest declines. With this, total non-OPEC supply for 2018 is now estimated at 60.03 mb/d.

“Non-OPEC oil supply growth in 2019 was revised down by 0.08 mb/d to stand at 2.16 mb/d and is now forecast to reach an average of 62.19 mb/d. This is mainly due to a lower oil supply forecast for Canada given Alberta’s announcement of a mandatory production adjustment, as well as downward supply forecast adjustments for the 10 non-OPEC participants in the Declaration of Corporation in the first half of 2019.”

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