June 02, 2016

World oil demand and supply could hit 100 million barrels per day by 2018 or 2019

The International Energy Association has a mid-term world oil forecast

By 2021 non-OECD Asia will be importing 16.8 million barrels per day of crude oil and products, a rise of 2.8 million barrels per day compared to 2015. The People’s Republic of China (hereafter ‘China’), remains central to this growth, partly because of the underlying rise of oil demand but also due to its build-up of strategic reserves which will reach at least 500 million barrels by 2020.

World oil demand seems to be running ahead of the mid-term project by about 1 million barrels per day. If this trend held then world oil supply and demand could cross 100 million barrels per day in 2018 or 2019.

World oil supply hit 97.2 million barrels per day at the end of 2015.


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