The International Energy Agency Predicts Increase In Global Oil Demand
According to the report of the International Energy Agency, global oil demand will accelerate in the fourth quarter of 2019 due to the low prices and increased consumption in the U.S.
The most significant contribution to the growth in oil demand in the third quarter was made by China. The experts predict an increase in demand growth rates in the U.S. while it may be a slowdown in China.
In September, the United States authorities announced their intention to use the strategic oil reserves (about 645 million barrels in total) to stabilize the market situation. Rick Perry, the Minister of Energy, instructed his Cabinet to take further action to stabilize the current situation with attacks on oil facilities in Saudi Arabia.
Oil production in OPEC countries will decrease by 20% by 2025 compared to 2018, to 36.2 million barrels. At the same time, after 2025, the indicator will grow and by 2040 will reach 40.1 million barrels per day.
The decline in production in 2025 largely depends on a decline in Iran. According to the forecast, by 2025, oil production in Iran will decrease from 4.6 million bpd in 2018 to 3.8 million barrels per day in 2025. In 2030, the figure will be 4.1 million bpd and will grow until 2040.