World oil demand opec

EIA forecasts OPEC crude oil production will average 29.2 million barrels per day (b/d) from April through December 2020, up from an average of 28.7 million b/d in the first quarter of 2020. EIA forecasts OPEC crude oil production will rise to an average of 29.4 million b/d in 2021. OPEC’s vision of total demand growth — less than 10% in two decades — reveals another finding: Oil is not the biggest contributor to meeting growing energy demand. That would be natural gas.

16 Feb 2020 Global output was steady, compared to 2019, as the drop in production from OPEC members was offset by a 2.1 mbpd increase in production  17 Mar 2017 Driven by economic improvement in India, China, and OECD America, OPEC estimates World Crude Demand to Improve in 2017. Get details  10 Oct 2019 OPEC on Thursday forecast a slight fall in 2019 world oil demand amid trade wars and slowdowns in major economies.The organization  17 Jun 2019 Both the International Energy Agency (IEA) and OPEC have cut their estimates for 2019 world oil demand growth in their latest monthly reports.

Oil is also expected to maintain its leading position in meeting the world's growing energy needs for at least the next two decades. All this leads to the question: 

13 Jun 2019 The Organisation of Petroleum Exporting Countries (OPEC) has cut its forecast for global oil demand growth and warned of further potential  12 Jun 2018 Question marks over global economic growth, and resulting oil demand, as well as over US producers' capacity to pump oil at an ever faster pace  14 Mar 2019 OPEC on Thursday cut the forecast of global demand for its crude this year as rivals boost production, building a case for extending supply  23 Dec 2015 Global demand for OPEC's crude will be lower in 2020 than next year as supply from rivals proves more resilient than expected.

The IEA has slashed its 1Q20 global oil demand forecast by 1.3 million barrels a day - three times as much as the revision made by OPEC Source: Bloomberg, IEA, EIA, OPEC

12 Feb 2020 The Organization of the Petroleum Exporting Countries (OPEC) has lowered its forecast for 2020 global oil demand for its crude oil by 200,000 

16 Feb 2020 Global output was steady, compared to 2019, as the drop in production from OPEC members was offset by a 2.1 mbpd increase in production 

10 Oct 2019 OPEC on Thursday forecast a slight fall in 2019 world oil demand amid trade wars and slowdowns in major economies.The organization  17 Jun 2019 Both the International Energy Agency (IEA) and OPEC have cut their estimates for 2019 world oil demand growth in their latest monthly reports. 12 Sep 2019 OPEC on Wednesday cut its forecast for growth in world oil demand in the Petroleum Exporting Countries said oil demand worldwide would 

As the World Oil Outlook puts it: “OPEC continues to highly value the importance of a cooperative and coordinated approach to dialogue that is beneficial for market stability in both the short and the long terms, recognizing that security of demand and security of supply are two faces of the same coin.”

The revision brings OPEC's estimate of 2020 world oil demand to 100.73 million barrels a day. OPEC also cited the viral outbreak for its decision to lower its estimate of global economic growth in In a closely-watched monthly report, OPEC cut its forecast for global oil demand growth for the remainder of this year to 0.98 million barrels per day (b/d). That's down 40,000 b/d from its OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new OPEC increased its 2020 world oil demand growth forecast by 140,000 barrels to 1.22 million barrels a day, raised global economic growth forecast to 3.1% The logo of the of the Organization of the As the World Oil Outlook puts it: “OPEC continues to highly value the importance of a cooperative and coordinated approach to dialogue that is beneficial for market stability in both the short and the long terms, recognizing that security of demand and security of supply are two faces of the same coin.” The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance. OPEC Share of World Crude Oil Reserves According to current estimates, 79.4% of the world's proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 64.5% of the OPEC total.

Oil is also expected to maintain its leading position in meeting the world's growing energy needs for at least the next two decades. All this leads to the question: