OPEC downgrades oil demand in 2018 and 2019

File Reuters

UNITED STATES (VOP TODAY NEWS) — The Organization of Petroleum Exporting Countries (OPEC) slightly downgraded the estimate for oil demand growth in 2018 and 2019. compared with the forecast made a month ago, says the March report of the organization.

It is noted that the demand for oil in 2018 increased by 1.43 million barrels per day to 98.72 million barrels per day compared with the previous estimate of a growth in demand of 1.47 million barrels per day.

In 2019, OPEC expects, the demand for oil will increase by 1.24 million barrels per day and amount to 99.96 million barrels per day, while previously this figure for the whole year was expected to be 100 million barrels per day. At the same time, OPEC notes that in the second half of 2019, global oil demand will exceed this mark.

According to the report, according to preliminary data, world oil reserves in January rose by 22.1 million barrels to 2 billion 880 million barrels.

“This is 4.3 million barrels higher than a year ago, and 19.1 million barrels above the five-year average. At the same time, oil reserves exceeded the figure by 47 million barrels, and oil products were 27 million barrels below the average five-year level”, – says the report.

OPEC also compared reserves in the context of forward coverage days — commercial stocks rose 0.5 days in January to 60.1 days, which is 0.3 days less than the same period last year and 0.9 days below the average five year level.

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