Baku, Azerbaijan, Sept.11
By Leman Zeynalova – Trend:
Demand for OPEC crude in 2019 was revised down in September Monthly Oil Market Report, from the previous report to stand at 30.6 million barrels per day (mb/d), which is 1.0 mb/d lower than the 2018 level, Trend reports citing OPEC’s Monthly Oil Market Report.
Compared with the August monthly report, the 1Q19 was unchanged compared to the previous assessment.
2Q19 and 3Q19 were revised down by 0.2 mb/d and 0.3 mb/d, respectively. In contrast, 4Q19 was revised up by 0.2 mb/d.
When equated to the same quarters in 2018, demand for OPEC crude in 1Q19 and 2Q19 were 1.9 mb/d and 1.3 mb/d lower, while both 3Q19 and 4Q19 are expected to show a drop of 0.5 mb/d.
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 2Q19, OPEC crude production averaged 30.0 mb/d, around 0.5 mb/d lower than the demand for OPEC crude
Demand for OPEC crude in 2020 was unchanged from the previous report to stand at 29.4 mb/d. This is 1.2 mb/d lower than the 2019 level.
Compared with the last monthly report, the 1Q20 was unchanged. 2Q20 and 3Q20 were revised down by 0.4 mb/d and 0.1 mb/d, respectively, while the 4Q20 was revised up by 0.4 mb/d. When judged against the same quarters in 2019, demand for OPEC crude in 1Q20 is forecast to be 1.3 mb/d lower, while 2Q20 and 3Q20 are expected to show a drop of 1.5 mb/d and 1.2 mb/d, respectively. The 4Q20 is projected to fall by 0.9 mb/d.
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