Demand for Opec oil to fall by 1.1 Mmbpd in 2020

17 Novembre, 2019, 12:25 | Auteur: Auguste Feret
  • OPEC+ faces 'major challenge' from competitors' surging output: IEA

This comes as the producer group boosted output last month, largely due to a sharp rebound in Saudi Arabian production as the key producer made up for losses after the attack on its key oil facilities in September. "This may continue into 2020 because non-OPEC countries will grow their production" significantly.

The Organization of Petroleum Exporting Countries said Thursday demand for its crude in 2020 will be 1.1 million barrels per day (Mmbpd) lower than the current year, Kallanish Energy reports.

Oil inventories in developed nations accumulated by about 9 million barrels during the third quarter, even as OPEC deliberately restrained output and Saudi Arabia lost supplies in the September 14 attack on its Abqaiq processing plant.

OPEC and its partners will meet on December 5 to 6 to consider next year's output levels, though they've so far indicated little desire to make the deeper cuts that would be needed to avert a new oversupply.

A slowdown in non-OPEC supply would help OPEC's effort to manage the market.

OPEC+ on January 1 cut output by 1.2 million barrels per day (bpd), and in July, the alliance renewed the pact until March 2020.

Donald Trump undergoes exam at Walter Reed: White House
Trump spent more than four hours at Walter Reed on February 8 for his most recent checkup, supervised by Dr. Trump doesn't drink alcohol or smoke but has a hearty appetite for fast food, steaks and desserts.

Manifestations contre la hausse du prix de l’essence, un mort — Iran
Le même jour, la police a tiré des grenades lacrymogènes dans plusieurs villes, a ajouté la télévision d'Etat sans préciser lesquelles.

New climate report warns next generation will face severe health issues
Last week, over 11,000 scientists from a variety of disciplines sounded a thunderous warning, declaring a "climate emergency ". Not only was 2018 the fourth-hottest year on record, it was a year of prime weather conditions for disease transmission.

The key drivers of growth include the US, Brazil, Norway, Russia, Canada, Kazakhstan and Australia, which will be offset by declines in Mexico, Indonesia, Egypt and Colombia. Low oil prices and robust USA demand for petrochemicals will spur worldwide consumption to expand by 1.9 million barrels a day year-on-year in the fourth quarter, more than four times the rate observed in the second, the agency said.

United States production has continued climbing, reaching a weekly record of 12.8 million bpd last week, while U.S. oil inventories rose faster than expected last week.

The agency kept its assessments for growth in global oil demand in 2019 and 2020 at 1 million bpd and 1.2 million bpd respectively, but said its outlook might slightly underestimate the impact of tariffs from the U.S. OECD commercial inventories have fallen by 57 million barrels, while non-OECD stocks have seen a build of 138 million barrels, the report noted.

OPEC also says that the most common type of crude Iran sells is Iran Heavy oil, which started the year at $61.77 a barrel, but has lost 11 percent of its value since then.

Data from official Nigerian sources show a drop of 16,000 barrels per day, a figure that puts daily production at a total of 1.78 million barrels.

Conseillé:

  • PSG : le retour de Neymar se précise

    PSG : le retour de Neymar se précise

    Verratti (mollet) et Herrera (cuisse) poursuivent leur programme de soins, mais ils ne devraient pas jouer contre Lille. Neymar a repris l'entraînement collectif cette semaine, en petit comité.
    Beyond Local: Aurora halts construction of two cannabis facilities to conserve cash

    Beyond Local: Aurora halts construction of two cannabis facilities to conserve cash

    Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Aurora Cannabis by 15.2% during the second quarter. Cantor Fitzgerald reissued a "neutral" rating on shares of Aurora Cannabis in a report on Tuesday, November 5th.
    Minnesota Gophers Jump Ahead in AP, Coaches Polls

    Minnesota Gophers Jump Ahead in AP, Coaches Polls

    After a win over Penn State, the Minnesota Gophers are now just outside of the top-five in the newest AP and Coaches Polls . Minnesota Golden Gophers quarterback Tanner Morgan throws downfield.
  • Liverpool offer support to former defender Dominic Matteo after brain tumour operation

    Liverpool offer support to former defender Dominic Matteo after brain tumour operation

    Dominic Matteo is being treated in hospital after having surgery on a brain tumour, former club Liverpool have said. The former defender, 45, remains in hospital after coming out of intensive care.
    Mickey Arthur Set to Become Next Coach of Sri Lanka

    Mickey Arthur Set to Become Next Coach of Sri Lanka

    After a span of six years, worldwide cricket returned to Pakistan in 2015 when Zimbabwe toured the country for a day and 20 games. Former fast bowler Rumesh Ratnayake now holds the interim coach role and he is set to be replaced by Mickey Arthur .
    Warren pushes back on critics of her health care plan

    Warren pushes back on critics of her health care plan

    Mail-in ballots for California's primary will begin going out to voters on February 3, the same day as the Iowa caucuses. Warren has however faced persistent questions about the implementation of her plan , first on cost and now on timing.
  • Alibaba veut lever pour 12 milliards d'euros à la bourse de Hongkong

    Alibaba veut lever pour 12 milliards d'euros à la bourse de Hongkong

    Alibaba a profité à plein du phénoménal appétit des consommateurs pour le commerce en ligne , un véritable sport national en Chine.

    Pourquoi Europe 1 ne retransmettra le match depuis Tirana — Albanie-France

    La Fédération française aurait tenté de trouver un compromis mais son homologue albanaise n'aurait pas " daign? donner suite. Alors qu'un millier de places ont été réservées aux supporters français, les billets sont partis "comme des petits pains".
    Instagram takes the private like counts test global

    Instagram takes the private like counts test global

    So if, all of a sudden, you can't see the number of likes on another user's post, it's because you've been included in this test. Personally, I totally support hiding them, but I like having a choice - so I think it would be better if it were optional.
  • Un premier décès attribué à l'e-cigarette en Belgique

    Un premier décès attribué à l'e-cigarette en Belgique

    Les États-Unis sont d'autant plus prudents qu'une mystérieuse épidémie de maladies pulmonaires liée au vapotage a déjà touché plus de 2 000 vapoteurs américains et entraîné 39 décès dans ce pays.
    Avec

    Avec " Reels ", Instagram s'attaque aux vidéos musicales de TikTok

    Ils craignent également que les lois de censure strictes imposées par la Chine touchent également les utilisateurs d'autres pays. Cependant, TechCrunch a signalé qu'il manque encore à Reels des filtres vidéo et des effets spéciaux accessibles dans TikTok .
    Star-studded bash for Katy Perry

    Star-studded bash for Katy Perry

    India's favourite music channels 9XM, 9X Jalwa, 9X Jhakaas, 9X Tashan, 9XO are available Free-To-Air. Karan Johar's closest pals Gauri Khan and Kajol wouldn't have missed the party for the world.


Populaire

BEI renonce à financer les énergies fossiles, une décision
La France est même " prête à augmenter sa participation au capital pour servir cette ambition ", a-t-il renchéri dans un entretien au quotidien Les Echos.

" "Miss France 2019 présente son premier clip " Jardin d’hiver " — Vaimalama
Mais en plus d'être des reines de beauté, il arrive aussi que les Miss France aient des talents cachés, de chanteuse notamment. Niveau audiences, l'élection de Miss France demeure un des temps forts de l'année et la garantie pour TF1 d'un succès record.

Charge against Leafs' Auston Matthews dismissed
Maple Leafs president and alternate governor Brendan Shanahan said Matthews, pictured, has learned a valuable lesson. The court case against Auston Matthews has been dismissed, Sportsnet can confirm.

Camila Cabello releases new song 'Living Proof'
After four months of dating , Camila Cabello and Shawn Mendes just took their romance into new territory: They got tattoos together.

Bushfires rage across Australia's east coast Other News 07:17
Conditions are expected to deteriorate next week as temperatures are set to rise and no rain is on the horizon. In New South Wales, four people have died and 303 homes have been destroyed since November 9.

4 protesters killed in Baghdad clashes
On Thursday, the Old City of Najaf - one of Islam's holiest sites - joined in with a general strike. Saleh, too, appears to have dropped the idea of early elections.

Impeachment testimony comes from White House budget official
Democrats said that amounted to witness intimidation. "Everywhere Marie Yovanovitch went turned bad". That would lead to a trial in the Senate on whether to convict Trump and remove him from office.

Georgia vs. Auburn, 11/16/19 Week 12 Predictions & Preview
CBS' sideline reporter Jamie Erdahl initially reported that she hadn't seen the photographer move. This game has heavy implications that could ripple through the entire College Football Playoff .

Abreu accepts $17.8M qualifying offer from White Sox
Giants reliever Will Smith rejected a qualifying offer and agreed to a three-year, $40 million deal with Atlanta. Jake Odorizzi had an awesome 2019 season which included an All-Star nod and a trip to the postseason.

Mom, three young children dead in San Diego shooting
Soon after, a relative who lived next door called 911 and reported hearing arguing and what sounded like a nail gun being fired. Dobbs said the mother and four children lived in the granny flat adjacent to the main house, where other family members lived.