Demand for OPEC crude in 2020 revised down
BAKU, Azerbaijan, Sept.14
By Leman Zeynalova – Trend:
Demand for OPEC crude in 2020 is revised down by 0.7 mb/d from the previous month to stand at 22.6 mb/d, around 6.7 mb/d lower than in 2019, Trend reports citing OPEC.
Demand for OPEC crude in 2021 is revised down by 1.1 mb/d from the previous month to stand at 28.2 mb/d, around 5.5 mb/d higher than in 2020.
In 2020, the global oil demand contraction is revised down further by 0.4 mb/d, now contracting by 9.5 mb/d, to average 90.2 mb/d. In the OECD, demand is revised higher by around 0.1 mb/d due to lesser-than-expected declines in all sub-regions during 2Q20.
In the non-OECD, the 2020 oil demand outlook is revised lower by around 0.5 mb/d, due to weaker oil demand performance in Other Asia, particularly in India. Turning to 2021, the negative impact on oil demand in Other Asia is projected to spill over into 1H21.
At the same time, a slower recovery in transportation fuel requirements in the OECD will limit oil demand growth potential in the region. Additionally, risks remain elevated and skewed to the downside, particularly in relation to the development of COVID-19 infection cases and potential vaccines. Furthermore, the speed of recovery in economic activities and oil demand growth potential in Other Asian countries, including India, remain uncertain. As such, 2021 world oil demand is now forecast to grow by 6.6 mb/d, some 0.4 mb/d lower compared with the previous month’s assessment to average 96.9 mb/d.
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