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IEA ...  strong growth in global oil demand this year

IEA ... strong growth in global oil demand this year

Global oil demand to top 100 mbpd, but outlook clouds: IEA

2018/09/13

LONDON

World oil consumption will top 100 million barrels per day in the next three months, tightening the market and putting pressure on prices, but emerging market crises and trade disputes could dent demand, the International Energy Agency said.
 
The Paris-based IEA maintained its forecast of strong growth in global oil demand this year of 1.4 million barrels per day (mbpd) and another 1.5 mbpd in 2019, unchanged from its previous projection.
 
"Things are tightening up," the agency said in its monthly report. "The price range for Brent of $70-$80 per barrel in place since April could be tested."
 
The imposition of US sanctions on Iran's energy sector have already cut supply to two-year lows, while the decline in Venezuelan output from spiralling economic crisis, as well as unplanned outages elsewhere will keep the balance between supply and demand tight, the IEA said.
 
Global demand will hit a high of 100.3 mbpd in the final quarter of this year, before moderating to 99.3 mbpd in the first quarter of next year, the agency said.
 
"As we move into 2019, a possible risk to our forecast lies in some key emerging economies, partly due to currency depreciations versus the US dollar raising the cost of imported energy. In addition, there is a risk to growth from an escalation of trade disputes," the agency said. -- Reuters
 






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