OPEC raises its forecast for global oil demand growth in 2020

15 Jan 2020 03:09 PM


OPEC raised its forecast for global oil demand growth during 2020 by 0.14 million barrels per day to levels of 1.22 million barrels per day. It also indicated that the rate of oil supply, whether from countries inside or outside OPEC, may rise by 0.18 million barrels per day to levels of 2.35 million barrels per day.
West Texas Intermediate crude prices rose 0.28% today to $ 58.25 a barrel. The organization stressed that OPEC + is necessary to maintain stability in oil markets, adding that expansionary monetary policies and improvement in financial markets provide more support to increase supply from outside OPEC.
On the other hand, OECD reduced its forecast for oil stocks in 2020 by 8.8 million barrels to levels of 2920 million barrels, an increase of 17.5 million barrels over the five-year average.

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