Demand for OPEC crude revised down for 2020-21
By Leman Zeynalova – Trend:
BAKU, Azerbaijan, Aug.13
Demand for OPEC crude in 2020 was revised down by 0.4 mb/d from the previous month to stand at 23.4 mb/d, around 5.9 mb/d lower than in 2019, Trend reports citing OPEC’s Monthly Oil Market Report (MOMR).
1Q20 and 2Q20 were revised up by 0.1 mb/d and 0.3 mb/d, respectively, while 3Q20 and 4Q20 were revised down by 0.9 mb/d and 1.3 mb/d, respectively, 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 8.4 mb/d and 12.6 mb/d lower, respectively.
3Q20 shows a decline of 3.7 mb/d, while 4Q20 is expected to see a rise of 0.8 mb/d compared with 4Q19. According to secondary sources, OPEC crude production averaged 28.3 mb/d in 1Q20, about 7.5 mb/d higher than demand for OPEC crude. In the 2Q20, OPEC crude production averaged 25.6 mb/d, 9.4 mb/d higher than demand for OPEC crude.
Demand for OPEC crude in 2021 was revised down by 0.5 mb/d from the previous month to stand at 29.3 mb/d, around 5.9 mb/d higher than in 2020. The 1Q21 and 2Q21 were revised down 0.5 mb/d and 0.7 mb/d, respectively, while both 3Q21 and 4Q21 were revised down by 0.4 mb/d each, compared to the previous assessment. When compared to the same quarters in 2020, demand for OPEC crude in 1Q21 and 2Q21 is forecast to be 8.1 mb/d and 13.1 mb/d higher, respectively. 3Q21 is projected to show an increase of 2.7 mb/d, while 4Q21 is expected to remain at the same quarter a year ago.
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