OPEC highlights its 2020 oil market forecast in the July Monthly Oil Market Report (MOMR), released today

Vienna, Austria, 11 July 2019.


  • Global economic growth is expected to remain steady at 3.2% in both 2019 and 2020.
  • Global oil demand growth, despite some uncertainty, is forecast at 1.14 mb/d for both 2019 and 2020.
  • In 2H19, seasonally strong demand is expected, as is also becoming apparent based on the recent draws in US crude oil stocks.
  • Non-OPEC supply has been revised down in the latest MOMR, mainly due to the extension of the voluntary production adjustments by participating countries of the Declaration of Cooperation (DoC) and downward revisions for Brazil and Norway.
  • Saudi Arabia plans to keep its crude oil production under 10 mb/d in August, with exports averaging below 7 mb/d, to avoid any excess build in stocks.
  • The strong commitment of the DoC members was reaffirmed as the 6th OPEC-Non-OPEC Ministerial Meeting extended voluntary production adjustments for an additional nine months, to 31 March 2020.
  • The ongoing over-conformity by DoC members to their voluntary adjustments in production is a testament to their undying commitment to the process of market stabilization.
  • OPEC and its non-OPEC partners of the DoC will continue to remain vigilant in promoting a sustainable stability.
  • The Joint Ministerial Monitoring Committee has scheduled its next meeting for September 2019 in Abu Dhabi.