OPEC: Raises mid-term outlook for non-OPEC Oil supply growth

Haresh Menghani FXStreet

OPEC forecasts global oil demand to rise to 103.9 million bpd (mbpd) by 2023 and raised its mid-term outlook for non-OPEC oil supply growth for 2019.

Key points:

Oil output to decline to 32.9 mbpd in 2024 from 35 mbpd in 2019 due to non-OPEC growth.

Oil demand in OECD countries is projected to shift after 2020 from growth to a declining trend.

OPEC says oil demand to rise by 12 mbpd to 110.6 mbpd by 2040, lower than last years forecast of 111.7 mbpd.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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