The Organization Petroleum Exporting Countries (OPEC) forecasted world oil demand to grow by 980,000 barrels a day (bpd) in 2019, or down from its September estimate of 984,000 bpd. However, OPEC left its outlook for 2020 demand growth unchanged at 1.08 million bpd.
OPEC sees total world oil demand averaging 99.8 million barrels a day in 2018 and 100.88 million bpd in 2020. The organization also revised down its forecast for non-OPEC oil supply growth by 160,000 b to 1.82 million bpd, mainly reflecting downward revisions for the United States, Norway and United Kingdom.
For 2020, non-OPEC oil supply growth was revised down by 5,000 barrels a day to 2.2 million barrels a day year-over-year due to downward revisions for Kazakhstan and Russia.