BAKU, Azerbaijan, Dec.11
By Leman Zeynalova – Trend:
Demand for OPEC crude in 2019 will stand at 30.7 million barrels per day (mb/d), which is 0.9 mb/d lower than the 2018 level, Trend reports citing OPEC December Oil Market Report (MOMR).
Compared with the previous monthly report, both 1Q19 and 2Q19 were unchanged, while 3Q19 was revised down by 0.1 mb/d.
Demand for OPEC crude in 4Q19 was revised up by 0.1 mb/d. When compared to the same quarters in 2018, demand for OPEC crude in 1Q19 and 2Q19 was 1.9 mb/d and 1.5 mb/d lower. While 3Q19 shows a drop of 0.1 mb/d, the 4Q19 remained at the same level as 4Q18.
Demand for OPEC crude in 2020 also remains unchanged from the previous report at 29.6 mb/d.
This is around 1.1 mb/d lower than the 2019 level. Compared with the last monthly report, all the quarters were unchanged. When compared to the same quarters in 2019, demand for OPEC crude in both 1Q20 and 4Q20 is forecast to be 1.0 mb/d lower each, while 2Q20 and 3Q20 show drops of 1.3 mb/d and 1.2 mb/d, respectively
The 7th OPEC and non-OPEC Ministerial Meeting decided for an additional adjustment of 500 tb/d to the adjustment levels as agreed at the 175th Meeting of the OPEC Conference and 5th OPEC and non-OPEC Ministerial Meeting. These would lead to total adjustments of 1.7 mb/d. In addition, several participating countries, mainly Saudi Arabia, will continue their additional voluntary contributions, leading to adjustments of more than 2.1 mb. This additional adjustment would be effective as of 1 January 2020 and is subject to full conformity by every country participating in the DoC.
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