BAKU, Azerbaijan, Nov.14
By Leman Zeynalova – Trend:
Demand for OPEC crude in 2019 will stand at 30.7 million barrels per day (mb/d), 0.9 mb/d lower than the 2018 level, Trend reports citing OPEC’s Oil Market Report.
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 30.0 mb/d, around 0.2 mb/d lower than the demand for OPEC crude. In 3Q19, OPEC crude production averaged 29.4 mb/d, around 2.4 mb/d lower than the demand for OPEC crude.
When compared to the same quarters in 2018, demand for OPEC crude in 1Q19 and 2Q19 were 1.9 mb/d and 1.5 mb/d lower, respectively, while 4Q19 is expected to show a drop of 0.1 mb/d. The 3Q19 remained unchanged.
Demand for OPEC crude in 2020 remained unchanged from the previous report, to stand at 29.6 mb/d, around 1.1 mb/d lower than the 2019 level.
Compared with the last monthly report, 3Q20 remained unchanged. Both 1Q20 and 4Q20 were revised up by 0.1 mb/d each, while 2Q20 was revised down by 0.2 mb/d.
When compared to the same quarter in 2019, demand for OPEC crude in both 2Q20 and 3Q20 are forecast to be 1.3 mb/d lower each, while 1Q20 and 4Q20 are projected to fall by 1.0 mb/d and 0.9 mb/d, respectively
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