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Monday, 17 June 2019
"Surging U.S. supply as well as gains from Brazil, Canada and Norway would contribute to an increase in non-OPEC supply of 1.9 million bpd this year and 2.3 million bpd in 2020"
LONDON (Reuters) - The outlook for oil demand growth in 2019 has dimmed due to worsening prospects for world trade, the International Energy Agency (IEA) said on Friday, although stimulus packages and developing countries should boost growth going into 2020.
The Paris-based IEA, which coordinates the energy policies of industrial nations, revised down its 2019 demand growth estimate by 100,000 barrels to 1.2 million barrels per day (bpd), but said it would climb to 1.4 million bpd for 2020.
“The main focus is on oil demand as economic sentiment weakens ... The consequences for oil demand are becoming apparent,” the IEA said in its monthly oil report.
“The worsening trade outlook (is) a common theme across all regions”, it added.
The oil demand growth forecast assumes the maintenance of U.S. and Chinese tariffs imposed on goods in 2018, but the IEA said it had not factored in further U.S. tariffs announced in May.
TRADE WAR ESCALATES!
Monday, 10 June 2019
Monday, 27 May 2019
"the nation is experiencing hyperinflation projected to reach a mind-boggling 10 million percent this year, is grappling with food and medical shortages and has lost about 10 percent of its population to migration in the past few years.'
Venezuela plunges into darkness amid widespread outage
Monday, 20 May 2019
Wednesday, 15 May 2019
"Saudi Arabia dropped another 45,000 barrels per day in April"
OPEC April Production Data
The data below was taken from the OPEC Monthly Oil Market Report. All data is through April 2019 and is in thousand barrels per day. The data is crude only, that is it does not include condensate.
Total OPEC production hardly moved in April, down a mere 3,000 barrels per day.
THE FUTURE OF OIL
- ▼ June (2)
- ► 2016 (260)
- ► 2015 (19)