Demand for OPEC crude in 2019 revised up
Baku, Azerbaijan, Aug.16
By Leman Zeynalova – Trend:
Demand for OPEC crude in 2019 will stand at 30.7 million barrels per day, Trend reports citing OPEC Monthly Oil Market Report – August 2019.
“Demand for OPEC crude in 2019 was revised up by 0.1 million barrels per day from the previous report to stand at 30.7 mb/d, 0.9 mb/d lower than the 2018 level,” reads the report.
Demand for OPEC crude in 2020 was revised up by 0.1 mb/d from the previous report to stand at 29.4 mb/d, 1.3 mb/d lower than the 2018 level, said the cartel.
In 2019, oil demand is anticipated to grow by 1.10 mb/d year-on-year (y-o-y), a downward revision of about 0.04 mb/d from the previous month’s projection, mainly due to weaker-than-expected oil demand data from OECD Americas, Other Asia and the Middle East in 1H19, according to OPEC.
The report shows that total oil demand for the year is now anticipated to reach 99.92 mb/d. For 2020, world oil demand is expected to grow by 1.14 mb/d, in line with last month’s projection, with total world consumption anticipated to average 101.05 mb/d.
“This forecast is subject to downside risks stemming from uncertainties with regard to global economic development. The OECD region is estimated to be in positive territory in 2020 as OECD Americas is projected to show growth, while OECD Europe and OECD Asia Pacific are projected to decline. However, non-OECD countries are forecast to continue to account for most of the growth at 1.05 mb/d. China and Other Asia are anticipated to lead demand growth both in the non-OECD region,” the report reads.
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