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International Energy Agency maintains 2019 forecast for oil demand growth

IEA experts attribute revision of the forecast growth in supply in the oil market primarily to a higher level of oil production in the US

© AP Photo/David Zalubowski

MOSCOW, February 13. /TASS/. International Energy Agency (IEA) expects global oil demand in 2019 to grow by 1.4 mln barrels per day against 1.3 mln barrels per day in 2018, according to the agency’s report. That means that the agency has not changed its outlook for growth in oil demand in comparison with its January report.

"Demand on the oil market is maintained thanks to low prices and the sale of new petrochemical projects in the United States and China. However, the slowdown in global economic growth will restrain further demand growth," the agency said.

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In the first quarter of 2019, the demand for oil will increase by 1.1% and reach 99.5 mln barrels per day, in the second quarter - by 1.7%, to 100.3 mln barrels per day. In the third quarter, demand growth will slow down to 1.4% (101.2 mln barrels per day), and by the end of the year - to 1.3% (101.4 mln barrels per day).

The IEA raised its estimate for the growth in deliveries from non-OPEC countries in 2019 to 1.8 mln barrels per day against 1.5 mln barrels per day in the previous forecast.

IEA experts attribute revision of the forecast growth in supply in the oil market primarily to a higher level of oil production in the US.

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