The International Energy Agency (IEA) expects the global crude oil demand to go up by 1.4 million barrels per day in 2019.
"For 2019, our first estimate of demand anticipates growth of 1.4 million barrels per day. A solid economic background and an assumption of more stable prices are key factors," the Agency said in its Oil Market Report on Wednesday (13).
Risks include possibly higher prices and trade disruptions, the report said. The demand growth estimate for 2018 has been left largely unchanged, at 1.4 million barrels per day.
OPEC member-states increased crude oil production by 50 thousand barrels per day to 31.69 million barrels in May 2018, which brings their compliance with the crude production cap deal to 158%.
Non-OPEC states participating in the agreement reported 60% compliance for May versus 76% for April. Russia reduced output by 250 thousand barrels, down from 300 thousand barrels stipulated by the deal.