Demand for OPEC crude in 2019 revised up
Baku, Azerbaijan, July 15
By Leman Zeynalova - Trend:
Demand for OPEC crude in 2019 is expected to stand at 30.6 mb/d, Trend reports citing OPEC Monthly Oil Market Report.
“Demand for OPEC crude in 2019 was revised up by 0.1 mb/d from the previous report to stand at 30.6 mb/d, 1.0 mb/d lower than the 2018 level. Compared with the last monthly report, both 1Q19, and 2Q19 were revised down by 0.1 mb/d each, while both 3Q19 and 4Q19 were revised up by 0.3 mb/d each,” reads the report.
When compared to the same quarter in 2018, demand for OPEC crude in 1Q19 was 1.8 mb/d lower, while 2Q19 and 3Q19 are expected to show a drop of 0.9 mb/d and 0.4 mb/d, respectively, said the cartel. 4Q19 is forecast to fall by 0.9 mb/d.
The report shows that Based on the first forecast for world oil demand and non-OPEC supply for 2020, demand for OPEC crude for 2020 is forecast at 29.3 mb/d, 1.3 mb/d lower than the 2019 level.
“When compared to the same quarters in 2019, demand for OPEC crude in 1Q20 is forecast to be 1.4 mb/d lower, while 2Q20 and 3Q20 are forecast to decrease by 1.5 mb/d and 1.4 mb/d, respectively. 4Q20 is projected to show a decline of by 1.1 mb/d,” said OPEC.
According to secondary sources, OPEC crude production averaged 30.5 mb/d in 1Q19, about 0.3 mb/d higher than the demand for OPEC crude in the same period, while in 2Q19, OPEC crude production averaged 29.9 mb/d, around 0.8 mb/d lower than the demand for OPEC crude.
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