Global Oil Demand to Exceed 100 Million Barrels Per Day By 2020

OPEC General Secretary Mohammad Barkindo said Thursday that oil markets are rebalancing at “an accelerating rate” and that he foresaw “no peak” for oil demand for “the considerable future.”Speaking at the Oil & Money conference in London, Barkindo said confident prices would rise and global oil demand would grow as the global economy continued to strengthen.”We expect global oil demand to surpass 100 million barrels per day by 2020,” Barkindo told the audience of oil industry leaders. This figure is far above the oil producing group’s forecast for 2017 in which global oil demand is expected to be around 96.8 million barrels per day.This strengthening in global oil demand meant that there was “no peak demand for the considerable future,” Barkindo said.

Source: OPEC chief says global oil demand will pass 100 million barrels per day by 2020 – CNBC

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.