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Growth in global oil demand more than doubled in the third quarter



Global oil demand in the third quarter of 2019 increased by 1.1 million barrels per day, more than double the 435,000 barrels per day in the previous quarter, according to the latest International Energy Agency (IEA) report.

China was the largest contributor, and demand increased by 640,000 barrels per day year on year, and the Energy Agency's closely followed report projected an annual increase in global growth of 1.9 million barrels per day for the last quarter of 2019. [19659002] The supply grew by 1.5 million barrels per day in October as Saudi Arabian production normalized, while Norway, Canada and the US saw significant increases. OPEC's crude production came to 29.9 million barrels a day, down 2.5 million from the same period last year.

The IEA pointed to a slow refining activity in the first three quarters of 201

9 contributing to a decline in demand for 300,000 barrels per day from year to year, and the agency expects demand for crude oil in 2019 as a whole to decline for the first time raw futures have come back somewhat from a sharp fall in August, and on Friday ICE Brent Crude traded up 12.9% since the start of the year at around $ 62.45 a barrel. WTI was just under US $ 57 per barrel, an increase of around 16.5% in the year to date.

The IEA said that the latest figures highlighted the "growing inequality between the quiet oil market today and increased geopolitical tensions."

"Tranquility is supported by a well-supplied market and high inventories. This can continue into 2020 because non-OPEC countries will increase production by 2.3 mb / d," the report states.

"The United States will lead. But there will also be significant growth from Brazil, Norway and barrels from a new producer, Guyana."

The OECD's oil consumption fell by 590,000 barrels per day year-round in August before rising to 540,000 barrels per day in September, the biggest gain from year to year of almost 12 months. However, OECD demand fell for the fourth straight quarter and Japan saw the strongest decline of 145,000 barrels a day.


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