BAKU, Azerbaijan, Apr.13
By Leman Zeynalova – Trend:
Demand for OPEC crude in 2021 has been revised up by 0.2 mb/d from the previous month to stand at 27.4 mb/d, Trend reports with reference to OPEC.
This is 4.9 mb/d higher than in 2020. Demand for OPEC crude in 1Q21, 3Q21 and 4Q21 has been revised up by 0.2 mb/d, 0.3 mb/d and 0.6 mb/d, respectively, while 2Q21 demand has been revised down by 0.6 mb/d from the previous month.
Compared with the same quarters in 2020, demand for OPEC crude in 1Q21 and 2Q21 is forecast to be 4.2 mb/d and 9.9 mb/d higher, respectively. An increase of 3.6 mb/d y-o-y is projected for 3Q21, and 4Q21 demand y-o-y is expected to be higher by 2.0 mb/d. According to secondary sources, OPEC crude production averaged 25.1 mb/d in 1Q21, which was 0.4 mb/d lower than demand for OPEC crude.
Demand for OPEC crude in 2020 has been revised up by 0.1 mb/d from the previous month to stand at 22.5 mb/d. This is around 6.8 mb/d lower than in 2019. Demand for OPEC crude in 1Q20 has been revised up 0.4 mb/d, while 2Q20, 3Q20 and 4Q20 remained unchanged from the previous monthly assessment. Compared with the same quarters in 2019, demand for OPEC crude in 1Q20 and 2Q20 indicates a decline of 7.7 mb/d and 12.0 mb/d, respectively.
Demand in 3Q20 showed a decline of 5.8 mb/d, while 4Q20 saw a drop of 1.9 mb/d. According to secondary sources, OPEC crude production averaged 28.2 mb/d in 1Q20, which was 6.9 mb/d higher than demand for OPEC crude. In 2Q20, OPEC crude production averaged 25.6 mb/d, which was 8.7 mb/d higher than demand. In 3Q20, OPEC crude production averaged 23.9 mb/d, which was 0.8 mb/d lower than demand, while in 4Q20 it averaged 24.9 mb/d, around 1.9 mb/d below demand. For the full year 2020, OPEC crude production averaged 25.6 mb/d, around 3.2 mb/d higher than demand.
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