WEEKLY ENERGY RECAP: Oil prices move up despite bearish outlook

Arab News | Jul 13, 2019 at 9:54 PM
  • OPEC kept its modest global oil demand growth forecast at 1.14 million bpd for 2020, suggesting that the world would need 29.27 million bpd of crude from its 14 members in 2020, down 1.34 million bpd this year.
  • The IEA still sees weak oil demand growth and surging US shale oil output, estimating 2019 oil demand growth at 1.2 million bpd and 1.4 million bpd for 2020.
  • The EIA, in its short-term energy outlook, sees crude oil demand growing more slowly than previously expected.