Baku, Azerbaijan, Sept.11
By Leman Zeynalova – Trend:
In its September Short Term Energy Outlook (STEO) the US Energy Information Administration (EIA) has revised its expected global oil demand growth down to 0.9 million barrels per day (b/d) in 2019, 0.1 million b/d lower than the August forecast, Trend reports citing EIA.
“Lower expected oil demand growth mainly reflects lower forecast gross domestic product growth and lower forecast demand from countries in the Organization for Economic Cooperation and Development. If realized, 2019 would be the first year when demand growth is less than 1.0 million b/d since 2011,” reads the report.
EIA expects that annual average Brent prices will slightly decrease in 2020 to $62/b, which is $3/b lower than EIA’s August STEO forecast.
EIA forecasts that global liquid fuels consumption will increase by 0.9 million barrels per day (b/d) in 2019, down from year-over-year growth of 1.3 million b/d in 2018.
The slowing liquid fuels demand growth reflects EIA’s assumption (based on forecasts from Oxford Economics) of decelerating growth in global oil-weighted gross domestic product (GDP).
EIA expects that global liquid fuels demand will increase by 1.4 million b/d in 2020 as a result of an expected increase in global GDP growth.
---
Follow the author on Twitter: @Lyaman_Zeyn
