Global oil demand growth will increase from a very weak level of 310 thousand b / d in 1Q19 and 800 thousand b / d in 2Q19. This will reach 1.8 million barrels per day (MBD) in the second half of this year as economic activity improves and petrochemical plants increase. In 2020, the growth rate will average 1.4MBD compared to 1.2MBD this year.
Our balance sheet shows the potential for oversupply next year, with an expansion of 2.1 MBD for non-OPEC supplies, led by the United States, compared to 2 MBD in 2019. That will reduce oil demand from OPEC, with capacity being reduced to 28 MBD in 1Q20 . OPEC has not been produced at low levels since