Baku, Azerbaijan, May 14

By Leman Zeynalova - Trend:

For 2019, world oil demand growth is now forecast to increase by 1.21 mb/d, also unchanged from last month’s assessment, with total world consumption anticipated to reach 99.94 mb/d, according to OPEC Monthly Oil Market Report (MOMR), Trend reports.

“Throughout the regions, there are revisions which broadly cancel each other out. Some positive upward revisions are accounted for in OECD Americas and China, due to better economic projections than in the previous month,” said the cartel.

On the other hand, according to OPEC, some downward revisions are seen due to lower than expected oil demand data in Latin America and the Middle East during 1Q19, in addition to some downward adjustments to OECD Europe, Latin America and the Middle East for the entire year.

In 2018, oil demand is estimated to have increased by 1.41 mb/d, unchanged from last month’s assessment, with total oil demand reaching 98.73 mb/d, said the report.

OECD America and Other Asia led oil demand growth in 2018, with a combined increase of around 0.90 mb/d, according to the cartel.

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