OPEC lowers its forecast on global oil demand

Global medium-term oil demand will be 104.8 million barrels per day (b/d), up 6.1 million barrels from 2018, Report informs referring to OPEC's annual World Oil Outlook (WOO).

According to the document, this figure will increase 1 million barrels per year until 2024. Previous forecast was 1.1 million barrels.

Moreover, the WOO says that OECD countries won’t play much role in growth of demand. Even the demand of these countries for oil will fall after 2020.

Global medium-term oil demand will be 110.6 million barrels per day (b/d) in 2040. In the next 20 years, the difference between the demand of OECD and non-OECD countries for oil is forecasted to increase. Demand of non-OECD countries for oil may increase by 21.4 million barrels per day in 2018-2040. The highest growth in demand for oil will be recorded in India. Instead, daily demand for oil in OECD countries will drop from 48 million barrels to 38 million barrels.