International Energy Agency lowers forecast on demand for oil

The International Energy Agency (IEA) has lowered the forecast on the demand for oil in 2019 by 100,000 barrels to 1.2 million barrels.

Report informs citing Interfax that according to the monthly report, in which the IEA has lowered the forecast for two months, daily production in 2020 will grow by 1.4 million barrels, of which 800,000 barrels will fall to the share of non-OECD countries. In the same year, the supply will exceed the demand.

According to the document, the non–OPEC countries will increase the daily production by 1.9 million barrels in 2019, 2.3 million barrels in 2020. Consequently, according to the IEA, daily demand in the OPEC countries will reduce by 29.3 million barrels in 2020, down 6350,000 barrels from May’s production.