OPEC (Organization of Petroleum Exporting Countries) exposes research proving the drop in oil consumption on the world stage for next year

Do you really believe that the consumption of oil and its derivatives will decrease all over the world next year? According to research carried out by OPEC (Organization of Petroleum Exporting Countries) with each passing day, countries are ceasing to consume oil. After consumption data from past years and 2018, the organization makes a projection of how sales, exports, consumption and negotiations involving oil and its derivatives will be.

The search

The organization reported that the average consumption for 2019 will be around 100,23 million barrels per day. Currently in 2018 the average is 98,82 but by the end of the year this number will increase and will certainly be above 100,23 million barrels. OPEC compared the growth of the years 2018 and the estimate for 2019, the result confirmed the survey data which was 1,68% for the current year and 1,45% in 2019.

How to solve the problem

To offset the losses of Iran and Venezuela, Middle East countries could increase production in a short space and there could be more production from Russia. OPEC launches the alert and proved that the demand for crude oil would decrease in 2019 and if it continues as it currently is, the damage will be immense and unprecedented and could generate a global loss.

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