Home OPEC: Raises mid-term outlook for non-OPEC Oil supply growth

OPEC: Raises mid-term outlook for non-OPEC Oil supply growth

Updated: 5 Nov. 2019 | 09:52

OPEC forecasts global oil demand to rise to 103.9 million bpd (mbpd) by 2023 and raised its mid-term outlook for non-OPEC oil supply growth for 2019.

Key points:

Oil output to decline to 32.9 mbpd in 2024 from 35 mbpd in 2019 due to non-OPEC growth.

Oil demand in OECD countries is projected to shift after 2020 from growth to a declining trend.

OPEC says oil demand to rise by 12 mbpd to 110.6 mbpd by 2040, lower than last years forecast of 111.7 mbpd.

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