Wednesday , June 16 2021

IEA expects global oil market to surplus in 2019



Oil supplies in the global market will outstrip demand throughout 2019, as production increases and consumption is at risk from the economic downturn, Reuters reported. In a monthly report on the oil market, the IEA left world demand growth prospects for 2018 and 2019. Compared with 1.3 million barrels last month and 1.4 million barrels (b / s), respectively. At the same time, the agency said it lowered its prospects for demand growth outside the OECD, the report said.

"In the first half of 2019, OPEC's non-production and world demand outlook, and OPEC's current production speed, the expected reserve increase is 2 million b / s.

An IEA official said, "While slowing economic growth in some countries reduces oil demand forecasts, it is a favorable factor to lower our inflation expectations significantly."

The FDA estimated that the non-OPEC member countries' oil production growth this year will be 2.4 million b / d and 2.2 million b / d in the next year. 1.8 million bps each.

The IEA estimates that the total output of the country will increase by 2.1 million b / d in 2018 and 1.3 million b / d by 2019. High production of more than 11 million b / s.

According to the October IEA, OPEC's oil production increased by 200,000 b / d to 32.9 million b / d. Production declines in Iran and Venezuela were offset by increased production in other countries, including Saudi Arabia and the United Arab Emirates. "OPEC oil demand is expected to decline further next year as supply from non-OPEC countries steadily increases.

The IEA lowered forecasts for OPEC oil demand by 300,000 b / d in 2019 to 31.3 million b / d. According to the IEA report, oil reserves in OECD countries rose 12.1 million barrels in September to 2.857 billion barrels, and 610 million barrels in the third quarter, the biggest growth since 2015, to 6.3 million b / d.

The Organization of Petroleum Exporting Countries (OPEC) has announced plans to cut 1 million b / s of oil production outside OPEC / OPEC, but the demand for petroleum storage facilities has increased significantly, filling up storage tanks.

Earlier, OPEC warned that supply could go up in 2019 as global economic growth slows and supply from competitive producers increases faster than expected.


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