OPEC expects global oil demand to rise by 2020

The Organization of Petroleum Exporting Countries (OPEC) has forecast that global demand for oil will increase by about 1.14 million barrels per day in 2020.

“The factors that could affect oil demand growth rates in 2020 include macro-economic changes in major consuming countries, the contagion of natural gas and other fuels for heavy derivatives, support programs and plans to end them,” OPEC said in its monthly report.

According to OPEC forecasts, the demand for oil in 2020 will exceed 101 million barrels per day.

In late 2018, OPEC and non-OPEC countries agreed to renew the terms of the agreement to reduce their oil production by 1.2 million b/d, which has been in effect since the beginning of 2017.