The WTI is at 35.79/barrel and Brent is at 37.94/barrel and is down by more than 40% YTD. Oil tumbled last week as escalating coronavirus fears and surging US stockpiles drove new uncertainty about the commodity market's recovery.
The total global oil demand is anticipated to reach 98.83mn bpd in 2018; Opec’s latest monthly bulletin has shown.
The Paris-based IEA cut its forecast for global oil demand growth to 1.4 million barrels per day for 2018, from a previous estimate of 1.5 million bpd.
The Paris-based IEA raised its forecast for oil demand this year to 99.3 million barrels per day (bpd), from 97.8 million bpd in 2017.
The global market will return to balance only towards the end of 2018, no earlier than previously thought, as higher prices encourage the United States and other non-member producers to pump more, Opec said.
Oil demand growth in the Middle East is expected to rise by 0.1mn bpd in 2018, same as that of this year, Opec has said in a new report.
World oil demand will grow more than expected this year, helping to ease a global glut despite rising production from North America and weak Opec compliance with output cuts, the International Energy Agency said on Friday.
Global demand for oil will be slightly higher than expected this year, driven by increased consumption in India, the US and Germany, the International Energy Agency (IEA) predicted on Thursday.
A rise in Iran's crude oil exports once sanctions against it are lifted depends on future global oil demand and that should not further weaken oil prices, a senior Iranian oil official said.
Oil demand is expected to grow firmly in Qatar in 2016 with transportation fuels and industrial fuels playing a "significant part" in the overall oil demand growth.