07202019Sat
Last updateFri, 19 Jul 2019 2pm

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End-User News

Oil Demand a Focus as Economic Sentiment Weakens

According to the International Energy Agency’s (IEA) Oil Market Report, the focus in the industry is now oil demand as economic sentiment weakens. In May, the OECD published an outlook for global GDP growth for 2019 of 3.2%, lower than IEA's previous assumption. World trade growth has fallen back to its slowest pace since the financial crisis ten years ago.

A clear message from this report is that there is plenty of non-OPEC supply growth available to meet any likely level of demand, assuming no major geopolitical shock, and the OPEC countries are sitting on 3.2 mb/d of spare capacity.

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