OPEC: Forecast for 2020 global oil demand growth unchanged at 1.08 million bpd or 1%

Eren Sengezer FXStreet

The Organization of the Petroleum Exporting Countries (OPEC) in its latest report announced that it left its forecast for 2020 global oil demand growth unchanged at 1%, or 1.08 million barrels per day (bpd).

Crude oil is clinging to modest daily gains after OPEC's publication with the barrel of West Texas Intermediate adding 0.6% on the day at $57.70. Below are some additional key takeaways, per Reuters.

"2020 surplus of 70,000 bpd if OPEC keeps production at November's rate, down from 340,000 bpd surplus in September report."

"Non-OPEC supply to rise by 2.17M bpd in 2020, down 40,000 bpd from the previous forecast."

"October oil output rose by 943,000 bpd m/m to 29.65M bpd as Saudi supply recovered from September attacks."

"Saudi Arabia raised October crude output to 10.303M bpd, up 1.174M bpd m/m."

"Expects 2020 demand for its crude averaging 29.58M bpd, steady vs. previous forecast of 29.57M bpd."

"OECD oil inventories fell in September and stood 28 million barrels above latest 5-year average."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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