Global oil demand in the third quarter of 2019 increased by 1.1 million barrels per day, more than double the 435,000 barrels per day during 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 from year to year, and the Energy Agency's accurate report calculated an acceleration in global growth year-on-year by 1.9 million barrels per day for the last quarter of 2019.
Supply grew by 1.5 million barrels per day in October when Saudi Arabia's production normalized, while Norway, Canada and the US saw significant increases. OPEC's crude production came to 29.9 million barrels a day, a decrease of 2.5 million compared to the same period last year.
The IEA pointed to slow refining during the first three quarters of 201
Crude futures have recovered somewhat from a sharp decline in August and on Friday ICE Brent Crude traded up 12.9% since the beginning of the year at about $ 62.45 a barrel. WTI was just under $ 57 per barrel, an increase of about 16.5% the year before.
The IEA said that the latest figures highlighted the "growing disparity between today's calm oil market and rising geopolitical tensions."
"Tranquility is supported by a well-supplied market and high inventories. This can continue into 2020 as countries outside OPEC will increase their production by 2.3 mb / d," the report says.
"The United States will lead the way, but there will also be significant growth from Brazil, Norway and barrels from a new producer, Guyana."
The OECD's oil consumption fell by 590,000 barrels per day from year to year. in August before increasing 540,000 barrels per day in September, the biggest gain from year to year of almost 12 months. But overall, OECD demand fell during the fourth straight quarter, with Japan showing the strongest decline of 145,000 barrels per day.