IEA: Increase in global oil demand doubled in Q3

Nov. 15 (UPI) — Global oil demand between July and October more than doubled, a report by the International Energy Agency said Friday.

Demand increased by 1.1 million barrels per day from the second to the third quarter, the report said. China drove the increase, the IEA said, with demand rising by 640,000 barrels a day. In turn, oil supplies grew by 1.5 million barrels in October.

The report said Canada, Norway and the United States saw increases in their production while Saudi Arabian production returned to normal.

“The [oil market] calmness is supported by a well-supplied market and high inventories,” the IEA said. “This may continue into 2020 because non-OPEC countries will grow their production by 2.3 [millions of barrels per day]. The U.S. will lead the way but there will also be significant growth from Brazil, Norway and barrels from a new producer, Guyana.”

The third-quarter growth did not impact the IEA forecast for next year.

“Our [2020] estimate for oil demand growth is unchanged at 1.2 [million barrels per day], based partly on the International Monetary Fund’s expectation of 3.4 percent [gross domestic product],” the report said.

“This year, we are seeing a big difference in demand growth in the two biggest oil markets. In the U.S., there has been almost no growth in the first three quarters of 2019, while China has grown by 0.6 [millions of barrels per day] on average.”

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