Global demand for oil in the third quarter of 2019 increased by 1.1 million barrels per day, more than twice the 435,000 barrels per day in the previous quarter, according to the latest report from the International Energy Agency (IEA).
China was the largest contributor, with demand increasing by 640,000 barrels per day per year, and the Energy Agency's closely watched report predicts an annual increase of 1.9 million barrels per day for the last quarter of 2019.
Supply rises by 1.5 million barrels a day in October, after Saudi Arabia's production normalized, with Norway, Canada and the United States increasing significantly. OPEC's raw material production reached 29.9 million barrels per day, up 2.5 million from the same period last year.
The IEA indicated slow refining activity in the first three quarters of 201
Crude futures rebounded somewhat from a sharp decline in August, and on Friday ICE Brent Crude traded 12.9% YoY to $ 62.45 a barrel. WTI was just under $ 57 a barrel, up 16.5% year over year.
According to the IEA, recent data highlight "the growing discrepancy between today's quiet oil market and increased geopolitical tensions."
"Peace is maintained by a well-stocked market and high stocks. This may continue into 2020 because non-OPEC countries will increase their output by 2.3 mb / d," it says in the report.
"The US will lead the way, but there will also be significant growth from Brazil, Norway and barrels from a new producer, Guyana." to grow 540,000 barrels a day in September, the biggest year-over-year profit in nearly 12 months. However, overall OECD demand declined for the fourth consecutive quarter, with Japan showing the sharpest decline of 145,000 barrels per day.