IEA Sees Oil Demand Steady; Warns Of OPEC Supply, Trade Risks

Oil demand will grow steadily in 2019 thanks to a solid global economy, but the world may face a large supply gap by late next year if OPEC cannot cover any supply shortfalls, the International Energy Agency (IEA) said June 13.

The report serves as a stark warning to the world’s largest oil exporters, who meet next week in Vienna to discuss supply policy.

The IEA said it expects global oil demand to grow by 1.4 million barrels per day (bbl/d) in 2019, to top 100 million bbl/d by the second quarter of the year. The agency expects demand to grow at the same rate this year, unchanged from its last report in May.