Demand for OPEC oil to decline in 2019

Oil&Gas Materials 10 April 2019 16:25 (UTC +04:00)

Baku, Azerbaijan, April 10

By Leman Zeynalova – Trend:

In 2019, demand for OPEC crude is forecast at 30.3 million barrels per day (mb/d), around 1.1 mb/d lower than the estimated 2018 level, Trend reports citing the OPEC Monthly Oil Market Report (MOMR).

Demand for OPEC crude in 2018 is estimated at 31.4 mb/d, 1.5 mb/d lower than the 2017 level, reads the report.

World oil demand growth for 2018 was revised down slightly, by 0.02 mb/d, as compared with last month’s assessment, mainly due to revisions in the OECD Asia Pacific.

Oil demand growth was pegged at 1.41 mb/d and total oil consumption at 98.70 mb/d.

Oil demand growth in the OECD region was revised lower by 0.02 mb/d in 2018 on lower-than-expected data from OECD Asia Pacific.

Weaker-than-expected oil demand from Japan was further exacerbated by decreased oil requirements in South Korea at the end of the year. As a result, the region’s oil demand in 4Q18 was adjusted lower by 0.06 mb/d.

For 2019, world oil demand growth is estimated to increase by 1.21 mb/d, revised lower by around 0.03 mb/d from last month’s estimate.

“This was largely driven by revisions in economic growth expectations for the OECD region in 2019. As such, oil demand growth for the region was adjusted lower by 0.03 mb/d, while non-OECD oil demand growth held relatively unchanged from last month’s projections. OECD oil demand is anticipated to grow by 0.21 mb/d in 2019, with OECD Americas increasing the most amid steady NGL and middle distillate requirements. In the non-OECD region, oil demand is foreseen rising by 1.00 mb/d, with lower Chinese oil demand growth partially offset by gains in the Middle East. Total world oil demand is now forecast at 99.91 mb/d in 2019,” said OPEC.


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