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Demand for OPEC crude in first two quarters of 2021 revised up

Oil&Gas Materials 15 January 2021 11:33 (UTC +04:00)
Demand for OPEC crude in first two quarters of 2021 revised up

BAKU, Azerbaijan, Jan.15

By Leman Zeynalova – Trend:

Demand for OPEC crude in 2020 remained unchanged from the previous month to stand at 22.2 mb/d, Trend reports citing OPEC.

“This is around 7.1 mb/d lower than in 2019. Demand for OPEC crude in 1Q20 and 4Q20 has been revised up by 0.2 mb and 0.1 mb/d, respectively, while 2Q20 and 3Q20 has been revised down by 0.1 mb/d and 0.2 mb/d, respectively, from the previous monthly assessment. When compared to the same quarters in 2019, demand for OPEC crude in 1Q20 and 2Q20 indicated a decline of 8.2 mb/d and 12.3 mb/d, respectively. Demand for 3Q20 shows a decline of 5.8 mb/d, while 4Q20 is expected to see a drop of 2.3 mb/d,” OPEC said in its latest report.

According to secondary sources, OPEC crude production averaged 28.2 mb/d in 1Q20, which was about 7.3 mb/d higher than demand for OPEC crude. In 2Q20, OPEC crude production averaged 25.6 mb/d, which was 9.0 mb/d higher than demand for OPEC crude. In 3Q20, OPEC crude production averaged 23.8 mb/d, which was 0.8 mb/d lower than demand for OPEC crude. In 4Q20, OPEC crude production averaged 24.9 mb/d, which was 1.6 mb/d lower than demand for OPEC crude.

Demand for OPEC crude in 2021 remained unchanged from the previous month to stand at 27.2 mb/d. This is 5.0 mb/d higher than in 2020. Demand for OPEC crude in the first two quarters of 2021 has been revised up by 0.5 mb/d and 0.2 mb/d, respectively. For 3Q21 and 4Q21, demand has been revised down by 0.5 mb/d and 0.2 mb/d, respectively, from the previous monthly assessment. When compared to the same quarters in 2020, demand for OPEC crude in 1Q21 and 2Q21 is forecast to be 5.8 mb/d and 11.2 mb/d higher, respectively; 3Q21 is projected to show an increase of 2.6 mb/d y-o-y; and 4Q21 is expected to be higher by 0.4 mb/d y-o-y.

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Follow the author on Twitter: @Lyaman_Zeyn

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