Subdued global economic activity will weigh on oil demand next year. That said, we expect GDP growth to gradually pick up over the course of the year, and new International Maritime Organization rules (IMO 2020) to boost crude demand from the shipping sector. Overall, we forecast that oil consumption will rise by 1.1m bpd in 2020, up from an estimated 0.8m in 2019, which should give some lift to prices.
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