Oil Market Report (August 2019): Key Highlights
- World oil demand in 2019 is expected to grow by 1.02 mb/d, which is 0.08 mb/d lower than the previous projection. In 2020, world oil demand is projected to increase by 1.08 mb/d.
- India’s oil demand will rise at the fastest pace globally this year and the next, even as its economic expansion has slowed down.
- India’s oil demand is projected to rise by 3.21% to 4.88 million barrels per day (mb/d) in 2019 from 4.73 mb/d in the previous year.
- In 2020, it will further rise by 3.36% to 5.05 mb/d.
- This outpaces China’s oil demand growth of 2.73% in 2019 and 2.37% in 2020.
- China, however, is the world’s second-biggest oil consumer at 13.06 mb/d in 2019, behind only the U.S. whose consumption is projected at 20.94 mb/d.
- India’s economy grew at slower than expected 5% in April-June, compared with 8% in the same quarter of 2018, and 5.8% in January-March.
