Demand for OPEC crude for 2019 revised down
Baku, Azerbaijan, July 11
By Leman Zeynalova – Trend:
Demand for OPEC crude for 2019 was revised down by 0.1 mb/d from the previous report to stand at 30.5 mb/d. This is 1.1 mb/d lower than the 2018 level, Trend reports with reference to OPEC Oil Market Report.
Compared with the last monthly report, demand for OPEC crude in 1Q19 was revised down by 0.2 mb/d, while 2Q19, 3Q19 and 4Q19 remained unchanged.
“When compared to the same quarters in 2018, demand for OPEC crude in 1Q19 was 1.7 mb/d lower, while 2Q19 and 3Q19 are forecast to fall by 0.8 mb/d and 0.6 mb/d, respectively. 4Q19 is expected to fall by 1.2 mb/d. According to secondary sources, OPEC crude production averaged 30.5 mb/d in 1Q19, about 0.2 mb/d higher than demand for OPEC crude,” reads the report.
The report shows that demand for OPEC crude for 2018 was unchanged from the previous report at 31.6 mb/d, which is 1.6 mb/d lower than the 2017 level.
“Compared with the previous monthly report, all the quarters were unchanged. When compared to the same quarters in 2017, demand for OPEC crude in 1Q18 was at the same level, while the second and third quarters were 1.4 mb/d and 2.4 mb/d lower, respectively. The fourth quarter fell by 2.8 mb/d. In comparison, according to secondary sources, in 2018, OPEC production averaged 31.9 mb/d. This was around 0.3 mb/d higher than demand for OPEC crude. On a quarterly basis, OPEC crude production averaged 31.8 mb/d in 1Q18, which was 0.2 mb/d lower than demand for OPEC crude. In 2Q18, OPEC crude production averaged 31.6 mb/d, 0.1 mb/d below the demand for OPEC crude. In contrast, OPEC crude production stood at 32.0 mb/d and 32.1 mb/d in 3Q18 and 4Q18, respectively, around 0.1 mb/d and 1.2 mb/d higher than demand for OPEC crude,” said the cartel.
Follow the author on Twitter: @Lyaman_Zeyn