Meanwhile, the global energy watchdog cut its 2020 growth forecast by 365,000 b/d to 825,000 b/d. It’s the latest downward revision as travel and economic restrictions prompted by the virus, The International Energy Agency (IEA) cut its global oil demand growth forecasts for this year and next on Friday, citing fears of an economic downturn as the U.S.-China trade war casts a shadow The International Energy Agency (IEA) cut its oil demand forecast yet again, citing the weakening global economy. In its latest Oil Market Report, the agency predicts that demand will grow by 1 Brent North Sea oil comes from Northwest Europe and is the benchmark for global oil prices. The EIA forecasts that WTI will be $38.19/b in 2020, and $50.36/b in 2021. That makes the Brent-WTI spread $5.11/b in 2020 and $5.00 in 2021. The price of a barrel of WTI oil will be that much lower than Brent prices due to U.S. oversupply. The IEA now sees global oil demand at 99.9 million barrels a day in 2020, down around 90,000 barrels a day from 2019. This is a sharp downgrade from the IEA’s forecast in February, which predicted global oil demand would grow by 825,000 barrels a day in 2020. The IEA now sees global oil demand at 99.9 million barrels a day in 2020, down around 90,000 barrels a day from 2019. This is a sharp downgrade from the IEA’s forecast in February, which predicted global oil demand would grow by 825,000 barrels a day in 2020.
The IEA now sees global oil demand at 99.9 million barrels a day in 2020, down around 90,000 barrels a day from 2019. This is a sharp downgrade from the IEA’s forecast in February, which predicted global oil demand would grow by 825,000 barrels a day in 2020. The IEA now sees global oil demand at 99.9 million barrels a day in 2020, down around 90,000 barrels a day from 2019. This is a sharp downgrade from the IEA’s forecast in February, which predicted global oil demand would grow by 825,000 barrels a day in 2020.
OPEC estimated that total global oil demand will come in at 99.73 million b/d in 2020, with the second half of the year expected to see higher consumption than the first half. Output lower In its report, OPEC projected that global oil consumption in 2020 will average 100.73 million b/d. That is a 990,000 b/d rise from 2019, which is down from January's growth forecast of 1.22 million b/d.
Post-2020, sluggish demand drives a new price decline. Stagnation and oversupply. Demand growth decelerates as trade wars and increasing economic 2 days ago The growing fear among many traders is that oil demand, which in a forecast that already looks dated, said on March 9 that 2020 oil demand Feb 13, 2020 Global oil demand has been hit hard by the coronavirus and the widespread shutdown of China's economy. Demand is now expected to Feb 13, 2020 It revised its outlook for global oil demand growth downwards to 0.99 million barrels per day (bpd) in 2020, down by 0.23 million bpd from the Feb 12, 2020 The Organization of the Petroleum Exporting Countries, headquartered in Vienna , Austria, downgraded world oil demand for 2020 to 990,000
Mar 11, 2020 now sees global oil demand rising by mere 60000 bpd in 2020 after it has slashed its forecasts by 920000 bpd from last month's assessment.