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Global oil demand to grow by 1.4 mln barrels per day in 2019 — IEA

June 13, 11:34 UTC+3 MOSCOW

OPEC member-states increased crude oil production by 50,000 barrels per day in May 2018

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MOSCOW, June 13. /TASS/. The International Energy Agency (IEA) expects the global crude oil demand to go up by 1.4 mln barrels per day in 2019.

"For 2019, our first estimate of demand anticipates growth of 1.4 mln barrels per day. A solid economic background and an assumption of more stable prices are key factors," the Agency said in its Oil Market Report on Wednesday.

Risks include possibly higher prices and trade disruptions, the report said. The demand growth estimate for 2018 has been left largely unchanged, at 1.4 mln barrels per day.

Oil production

OPEC member-states increased crude oil production by 50,000 barrels per day to 31.69 mln barrels in May 2018, which brings their compliance with the crude production cap deal to 158%.

Non-OPEC states participating in the agreement reported 60% compliance for May versus 76% for April, the Agency said. Russia reduced output by 250,000 barrels, down from 300,000 barrels stipulated by the deal.

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