- ASRY Awarded 2024 RoSPA Gold Medal in Health and Safety
- BP ponders shifting focus away from renewables, say sources
- QatarEnergy enters 10-year naphtha supply agreement with Japan’s ENEOS Corporation
- The International Energy Agency expects oil demand growth to slow in 2024
- The International Monetary Fund re-selects Kristalina Georgieva as its director
- Libya to target producing 1.4 million b/d by end 2024
- TotalEnergies launches the Marsa LNG project and deploys it multi-energy strategy in Oman
- H.E. Minister Al-Kaabi: Demand for oil and gas will continue for long; we have to be responsible, and Qatar is doing its part
- Egypt to stop exporting LNG starting from the beginning of May 2024
- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
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,” FAO said in its monthly report.
According to OPEC forecasts, the demand for oil in 2020 will exceed 100 million barrels per day, and to the level of 101.01 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.
