Demand for OPEC crude to decrease in 2019

Oil&Gas Materials 15 May 2019 10:44 (UTC +04:00)

Baku, Azerbaijan, May 15

By Leman Zeynalova – Trend:

In 2019, demand for OPEC crude is forecast at 30.6 million barrels per day (mb/d), around 1.0 mb/d lower than the estimated 2018 level, OPEC said in its Monthly Oil Market Report (MOMR), Trend reports.

Demand for OPEC crude in 2018 is estimated at 31.6 mb/d, 1.6 mb/d lower than the 2017 level, said the cartel.

According to secondary sources, total OPEC-14 preliminary crude oil production averaged 30.03 mb/d in April, marginally unchanged from the previous month.

OPEC NGLs and non-conventional liquids in 2018 output were revised down to average 4.76 mb/d, of which 0.11 mb/d are classified as OPEC non-conventional liquids, considering the latest historical revisions for 2016, 2017 and 2018, reads the report.

However, in terms of y-o-y growth, OPEC NGLs and non-conventional liquids were revised up by 0.09 mb/d to average 0.13 mb/d, said the cartel.

“For 2019, OPEC NGLs and non-conventional liquids are likely to grow by 0.08 mb/d to average 4.84 mb/d, a downward revision of 0.01 mb/d from the previous month’s assessment.

Preliminary production data in April 2019 shows steady output at an average of 4.83 mb/d compared with a month earlier, up by 0.11 mb/d y-o-y,” OPEC said.


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