Demand for OPEC crude to go down in 2019
Baku, Azerbaijan, Oct.10
By Leman Zeynalova – Trend:
Demand for OPEC crude in 2019 was revised up by 0.1 million barrels per day (mb/d) from the previous report to stand at 30.7 mb/d, which is 0.9 mb/d lower than the 2018 level, Trend reports citing the October Oil Market Report of the cartel.
Demand for OPEC crude in 2020 was also revised up by 0.2 mb/d from the previous report to stand at 29.6 mb/d, which is around 1.2 mb/d lower than the 2019 level, reads the report.
This is while world oil demand growth for 2019 was revised lower by 0.04 mb/d to 0.98 mb/d, with total oil demand standing at 99.80 mb/d.
This despite an upwardly revised 3Q19 amid strong demand growth in Saudi Arabia, counterbalanced by a downward revision to oil demand data in 1H19 due to slower-than-expected oil requirements in OECD (Organization for Economic Co-operation and Development) America, Asia Pacific and Other Asia.
In 2019, oil demand growth in the OECD was adjusted by 0.05 mb/d lower, due to lower-than-expected data in OECD Americas and Asia Pacific, particularly in 2Q19, as a result of weaker than expected gasoline and diesel demand in the US and slower-than-anticipated petrochemical feedstock requirements in Japan and South Korea.
In the non-OECD region, oil demand growth was revised marginally higher in 2019, mainly reflecting betterthan-expected data from the Middle East.
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