Energy

Growth in global oil demand more than doubled in the third quarter

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Global oil demand in the third quarter of 2019 grew by 1.1 million barrels a day, more than double the 435,000 barrels a day in 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 a day year-on-year, and the energy agency’s closely-watched report projected a year-on-year acceleration in global growth of 1.9 million barrels per day for the final quarter of 2019.

Supply grew by 1.5 million barrels per day in October as Saudi Arabian production normalized, while Norway, Canada and the U.S. saw marked increases. OPEC crude production came in at 29.9 million barrels a day,…



Source cnbc.com

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