In our base case, the outbreak is brought under control in China by the end of the first quarter but spreads across many other countries beyond Iran, Korea, Japan, Singapore, the United States and Europe. This year, the report considers topics such as the impact of the new coronavirus (COVID-19) on demand; slowing supply growth in the United States and other non-OPEC countries; and the level of spare production capacity in OPEC countries to help meet demand growth. Crude oil prices are determined by global supply and demand. With the 1.9 mb/d increase in the OPEC+ production ceiling currently planned for 1 January, there is only limited headroom for the market to absorb extra supply in the next few months. We also present the final data for Jan/Dec 2019 (with comparison for the preceding 4 years) for: Since both supply and demand for oil are not very responsive to price changes, oil price swings tend to be dramatic. As we move through the second half of the year, demand picks up, growing by 1.1 mb/d compared with the second half of 2019. The increase reflects OPEC's announced potential increases to production targets and production increases in Libya. SOYBEANS : World Supply and Demand ( Mn T ) … Overall, global oil demand in the second quarter is only slightly lower than a year ago. For the first time since 2009, demand is expected to fall year-on-year, by 90 kb/d. Global oil supply fell in September as OPEC+ countries improved the compliance rate with their agreement. Data are far from complete but, in the first quarter, the visible decline in transport, industrial and commercial activity points to a massive drop in global oil demand of 2.5 mb/d compared with the first quarter of last year. In 1Q20, refining intake has been revised down by 1.2 mb/d, primarily due to China, where February runs are estimated at 10.1 mb/d, down 2.7 mb/d y-o-y. Find out about the world, a region, or a country ... Last updated 27 Jul 2020. Physical prices e.g. Find out about the world, a region, or a country, Find out about a fuel, a technology or a sector, Explore the full range of IEA's unique analysis, Search, download and purchase energy data and statistics, Search, filter and find energy-related policies, Shaping a secure and sustainable energy future, Clean Energy Transitions in Emerging Economies, Digital Demand-Driven Electricity Networks Initiative, Global Commission for Urgent Action on Energy Efficiency, Promoting digital demand-driven electricity networks, Download Annual Statistic Supplement 2020. Global refining throughput in 2020 is expected to decline for the second consecutive year, falling below 2017 levels as demand for transport fuels plunges in the wake of the coronavirus. With extraordinary uncertainty clouding the immediate outlook for the global oil market both on the demand and supply sides, and of course for prices which ended the week $5/bbl (Brent) lower than on the eve of the OPEC+ meeting, the IEA will continue to monitor the situation closely. The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. February margins saw short-lived support from falling crude oil prices. In February and into March, Chinese run cuts pressured the price of crude from the Middle East and West Africa in particular. Implied global stocks fell by 2.3 mb/d in 3Q20 and are projected to fall by 4.1 mb/d in 4Q20. OECD industry stocks rose by 27.8 mb to 2 930 mb in January as a build in product inventories more than offset counter-seasonal draws in crude stocks. Demand for oil has all but dried up as lockdowns across the world have kept people inside. - - OIL WORLD ANNUAL 2020 - - On about 730 pages the ANNUAL provides analyses and statistics of the 2019/20 world supply & demand situation and of the prospects for all major oilseeds, oils/fats and oilmeals. The current month is updated on an hourly basis with today's latest value. Coronavirus Data and Insights . IEA (2020), Oil Market Report - October 2020, IEA, Paris https://www.iea.org/reports/oil-market-report-october-2020. The uncertain outlook that could see the draw down of stocks falter is reflected in the fact that physical prices have weakened and this has brought down the front of the forward curve for Brent crude oil. Oil prices rose on Tuesday, with Brent crude rising above $40 a barrel, as the IEA increased its oil demand forecast for 2020 and as record supply cuts supported. OPEC said worldwide oil demand was expected to increase by nearly 10 million barrels per day (b/d) over the long term, rising to 109.3 million b/d in 2040, and to 109.1 million b/d in 2045. See also: List of countries by Oil Reserves There are 1.65 trillion barrels of proven oil reserves in the world as of 2016. 2020 is a challenging year for most of the industries in the world due to the outbreak of COVID-19 pandemic. Global oil supply fell in September as OPEC+ countries improved the compliance rate with their agreement. The resulting higher oil prices have bolstered non-OPEC output and OPEC is expected to restrain output in 2020. Mb, most of which 3.6 mb/d was in China set to drop by mb/d! Have kept people inside the longer term offers little encouragement for the period longer! 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