JP Morgan revises up 2021 oil demand & supply forecasts

Oil&Gas Materials 17 February 2021 13:03 (UTC +04:00)
JP Morgan revises up 2021 oil demand & supply forecasts

BAKU, Azerbaijan, Feb.17

By Leman Zeynalova – Trend:

Total oil demand is expected to stand at 96.9 million barrels per day (mbd) as of 2021, Trend reports with reference to the US JP Morgan Bank.

This is while in the previous report, JP Morgan forecasted this figure at 96.4 million barrels per day.

The total oil supply is forecast at 95.9 million barrels per day, versus 95.1 mbd in the previous report.

Quarterly forecast for oil supply is as follows: 93.0 mbd in Q1, 95.5 mbd in Q2, 97.1 mbd in Q3 and 97.7 mbd in Q4, while oil demand will be equal to 93.6 mbd, 95.8 mbd, 98.5 mbd and 99.5 mbd, respectively.

Oil demand is estimated at 91.7 mbd in January, 94.9 mbd in February, 94.5 mbd in March, 94.7 mbd in April, 95.3 mbd in May, 97.4 mbd in June, 98.2 mbd in July, 98.9 mbd in August, 98.3 mbd in September, 98.5 mbd in October, 99.6 mbd in November and 100.3 mbd in December.

As for oil supply, the figures are forecasted as follows: 93.2 mbd in January, 92.6 mbd in February, 93.2 mbd in March, 95 mbd in April, 95.7 mbd in May, 95.9 mbd in June, 97.4 mbd in July, 97.2 mbd in August, 96.8 mbd in September, 97.4 mbd in October, 97.9 mbd in November and 97.8 mbd in December.


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