BAKU, Azerbaijan, June 17
By Leman Zeynalova – Trend:
Demand for OPEC crude in 2020 was revised down by 0.7 mb/d from the previous month to stand at 23.6 mb/d, around 5.8 mb/d lower than in 2019, Trend reports with reference to OPEC’s Monthly Oil Market Report.
The 1Q20 and 2Q20 were revised down by 0.6 mb/d and 2.2 mb/d, respectively, while the 3Q20 was revised down slightly by 0.1 mb/d. The 4Q20 remained unchanged when compared to the previous assessment.
When compared with the same quarters in 2019, demand for OPEC crude in 1Q20 and 2Q20 is expected to be 8.7 mb/d and 14.2 mb/d lower, respectively. The 3Q20 shows a decline of 2.6 mb/d, while 4Q20 is expected to see a rise of 2.2 mb/d compared with 4Q19. According to secondary sources, OPEC crude production averaged 28.3 mb/d in 1Q20, about 7.7 mb/d higher than demand for OPEC crude in the same period.
Demand for OPEC crude in 2019 was revised down by 0.5 mb/d from the previous assessment, reflecting the upward revision in OPEC NGLs and non-conventional oil.
At 29.4 mb/d, demand for OPEC crude in 2019 is 1.1 mb/d lower than in 2018. The 1Q19 was revised down by 0.4 mb/d, while the 2Q19, 3Q19 and 4Q19 were revised down by 0.5 mb/d each. When compared with the same quarters in 2018, demand for OPEC crude in 1Q19 and 2Q19 was 1.9 mb/d and 1.7 mb/d lower, respectively.
The 3Q19 and 4Q19 showed drops of 0.2 mb/d and 0.7 mb/d, respectively. According to secondary sources, OPEC crude production averaged 30.0 mb/d in 1Q19, about Graph 10 - 1: Balance of supply and demand, 2019–2020* 0.8 mb/d higher than demand for OPEC crude in the same period, while in 2Q19 OPEC crude production averaged 29.4 mb/d, around 0.6 mb/d higher than demand.
In 3Q19, OPEC crude production averaged 28.9 mb/d, around 1.6 mb/d lower than its demand. In 4Q19, OPEC crude oil production stood at 29.1 mb/d, almost in line with its demand. For 2019 as a whole, OPEC crude oil production averaged 29.3 mb/d, in line with the demand for OPEC crude.
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