The International Energy Agency has reduced its forecast on the volume of oil that will be bought per day globally to 1.2 million from 1.3 million.

The global energy body also observed that 1.5 million barrels a day was cut out of the global supply due to the September 14 attack on two Saudi Arabian oil facilities.

The report said, “Global oil supply plunged 1.5 mb/d in September to 99.3 mb/d after attacks on Saudi oil facilities briefly shut in more than half the kingdom’s production.

“Our demand growth forecasts for 2019 and 2020 are both reduced by 0.1 mb/d, to 1 mb/d and 1.2 mb/d, respectively.

“For 2019 this reflects changes to 2018 data and for 2020 it reflects a lower GDP outlook.”

Nigeria’s 2020 budget proposal factored this possibility as well by reducing its average production estimate from 2.3 million bpd to 2.18 million bpd.

It also anticipated the price of petroleum to be $3 less at $57, from its 2019 estimate of $60.

Persons who would have hoped that the Saudi crisis could open some window for Nigeria, were disappointed as the value hike did not stay for up to a week. 

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