OREANDA-NEWS. The International Energy Agency (IEA) maintained its forecast for global oil demand growth in 2019-2020 at 1 million and 1.2 million barrels per day, respectively. This follows from the November IEA report. The Agency expects accelerated growth in global oil demand in the fourth quarter of 2019 from 1.1 million barrels per day (bpd) to 1.9 million bpd due to low oil prices and increased consumption in the United States, while maintaining the forecast for 2019-2020 unchanged.

The largest contribution to the growth in oil demand in the third quarter of 2019 was made by China - an increase of 640 thousand bpd on an annualized basis. At the same time, the United States showed almost zero growth in three quarters. By the beginning of 2020, the IEA expects an increase in demand growth in the United States to 190 thousand bpd, and in China - a slowdown to 375 thousand bpd.

In less than a month, December 5-6, Vienna will host the next meeting of OPEC+ ministers. The negotiations will discuss the issue of production levels after the first quarter of 2020, as the agreement expires at the end of March. Now OPEC+ is reducing production by 1.2 million bpd from the level of October 2018.