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Demand for OPEC crude revised down

Oil&Gas Materials 15 January 2020 18:35 (UTC +04:00)
Demand for OPEC crude revised down

BAKU, Azerbaijan, Jan. 15

By Leman Zeynalova – Trend:

Demand for OPEC crude in 2019 is revised down by 0.1 million barrels per day ( mb/d) from last month’s report to stand at 30.6 mb/d, around 1.0 mb/d lower than the 2018 level, Trend reports citing OPEC.

Demand for OPEC crude in 2020 is also revised down by 0.1 mb/d from last month’s report, to stand at 29.5 mb/d, around 1.2 mb/d lower than the 2019 level.

Compared to the previous monthly report, 1Q20 was revised up by 0.1 mb/d, while 2Q20 and 3Q20 were revised down by 0.3 mb/d and 0.2 mb/d, respectively. Demand for OPEC crude in 4Q20 remained unchanged, when compared to the previous assessment.

When compared to the same quarters in 2019, demand for OPEC crude in 1Q20 and 2Q20 were 1.0 mb/d and 1.4 mb/d lower, respectively. 3Q20 and 4Q20 show a drop of 1.5 mb/d and 0.8 mb/d, respectively.

Global oil demand growth for 2019 is revised lower by 0.05 mb/d compared with the previous month’s assessment, and is now estimated at 0.93 mb/d.

Demand growth in OECD Americas is revised lower for 1H19 due to sluggish middle distillate demand.

“Slower-than-expected industrial fuel demand in OECD Asia Pacific also necessitated slight downward revisions. For 2020, oil demand growth is revised up by 0.14 mb/d from the previous month’s assessment and is forecast at 1.22 mb/d, mainly reflecting an improved economic outlook for 2020. As a result, total world oil demand is projected to rise from 99.77 mb/d in 2019 to 100.98 mb/d in 2020,” reads the report.

Oil demand growth in the OECD region is forecast to increase by 0.09 mb/d supported by OECD America, while non-OECD is expected to lead demand growth by adding 1.13 mb/d mainly in Other Asia, especially India and China.

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