The Organisation of Petroleum Exporting Countries (Opec) has projected an increase in the global demand for oil to 100.98 million barrels per day (mbpd) during 2020, an increase of 1.22 mbpd compared to the average production of 99.77 mbpd for 2019.
World oil production includes all of the production of Opec members in addition to other countries outside the organisation that produce about 70 percent of global production, said a report.
Oil prices were supported by optimism about the outlook of oil market fundamentals, following easing trade tensions between the US and China and continued market stabilisation efforts conducted under the Declaration of Cooperation, DoC, according to Opec's Monthly Oil Market Report for January.
The latest figures released by Opec show that the oil demand in the US and European countries in addition to countries bordering the Pacific will rise to 48.08 mbpd during the year 2020 compared to 47.99 mbpd in 2019.
In the Middle East, Latin America, Africa and other Asian countries, including India, the demand will rise to 33.79 mbpd during the current year compared to 33.11 mbpd in 2019. As for demand in China and some European countries, it will reach 19.11 mbpd compared to 18.66 mbpd.
