The International Energy Agency has kept its forecast for global oil call for increase unchanged as lower oil costs may offset effect of weaker economy, it said in a month-to-month report.

IEA’s international oil call for growth forecasts for 2018 and 2019 are at 1.Three million bbl an afternoon and 1.Four million barrels according to day, respectively.

The agency’s demand growth forecast for nations outside the Organization for Economic Co-operation and Development has been revised down by 165,000 bpd for 2019.

“Oil demand is slowing in several non-OECD countries, because the impact of better yr-on-yr expenses is amplified by means of forex devaluations and slowing economic activity,” the file said.

Demand from the OECD, however, is probable to rise by 355,000 bpd in 2018 earlier than slowing down to 285,000 bpd in 2019.

Global supply in October was up 2.6 million bpd on-yr as document output from Saudi Arabia, Russia and america greater than offset declines from Iran and Venezuela.

The company expects output from the nations outdoor the Organization of the Petroleum Exporting Countries to make bigger by using 2.4 million bpd and 1.Nine million bpd in 2018 and 2019, respectively the OPEC output may additionally fall to 31.3 million bpd in 2019, 1.7 million bpd below modern output.

In October, output of the OPEC rose by two hundred,000 bpd to 32.Ninety nine million bpd. Losses of 400,000 bpd from Iran and six hundred,000 bpd from Venezuela have been offset by way of increases from others.

OECD commercial shares rose 12.1 million bbl in September to 2.875 bln bbl. For Jan-Jun, based totally on the agency’s outlook for non-OPEC manufacturing and international demand, and assuming flat OPEC manufacturing, the implied inventory construct is currently 2 million bpd.