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Home / Business / IEA cuts 2019 estimates for the increase in oil demand in global trade considerations by Reuters

IEA cuts 2019 estimates for the increase in oil demand in global trade considerations by Reuters



© Reuters. FILE PHOTO: Crude oil storage tanks are seen from above at Cushing oil hub in Cushing

By Noah Browning

LONDON (Reuters) – Prospects for oil demand growth in 2019 have been reduced due to worsening global trade prospects, the International Energy Agency (IEA) on Friday , although stimulus packages and developing countries will increase growth until 2020.

The Paris-based IEA, which coordinates industrial policy energy policy, revised down the 201

9 demand growth estimate by 100,000 barrels to 1.2 million barrels per day (bpd), but said it would climb to 1.4 million bpd for 2020.

"The main focus is on the demand for oil as economic sentiment is weakening … The impact on the demand for oil becomes clear, the IEA says in its monthly oil report.

" Worsening trade outlook (s) are a common theme in all regions, "added.

Expectations of oil demand growth presumably maintain US and Chinese Tariffs levied on goods in 2018, but the IEA said it had not been registered in additional US tariffs announced in May.

The IEA also attributed weak demand growth in the first half to a decline in the petrochemical industry in Europe, warmer than average weather in the northern hemisphere and stopped US gas and diesel demand.

Demand growth is likely to pick up 1.6 million bpd in the second half of the year on government measures to reduce the economic downturn and strong consumption in the non-developed world.

(For a graphic at & # 39; Global Oil Demand Growth, year-on-year & # 39; click https://tmsnrt.rs/2Ie9rco)

" Stimulus packages are likely to support short-term growth. in addition, the major central banks have stopped or lowered interest rate increases, which should support growth in 2H19 and 2020, "IEA wrote.

US sanctions against Iran and Venezuela, an exit pact from the Organization for Petroleum Exports Countries (OPEC) and its allies, fighting in Libya and attacks on tankers in the Gulf of Oman, provided only limited uncertainty about delivering, the IEA said.

Iran's production fell by 210,000 bpd in May to 2.4 billion bpd, said IEA, its lowest level since the Iran-Iraq war in the 1980s. Exports fell 480,000 bpd to 810,000 bpd.

(For a graphic at & # 39; Iran's production stop click https: // tmsnrtrsrs / 2IfwSlS) [19659004] Surging US supply and gains from Brazil, Canada and Norway will contribute to an increase in non-OPEC supply of 1.9 million bpd this year and 2.3 million bpd by 2020.

(For graphics on "non-OPEC total supply" click https: // tmsnrtrsrs / 2XLumJk)

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