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Demand for OPEC crude in 2021 revised up

Oil&Gas Materials 11 May 2021 17:31 (UTC +04:00)
Demand for OPEC crude in 2021 revised up

BAKU, Azerbaijan, May 11

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 27.7 mb/d, Trend reports with reference to the cartel.

This is 5.2 mb/d higher than in 2020. Demand for OPEC crude in 1Q21, 3Q21 and 4Q21 has been revised up by 0.3 mb/d, 0.4 mb/d and 0.6 mb/d, respectively, while 2Q21 demand has been revised down by 0.4 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 4.4 mb/d and 9.6 mb/d higher, respectively. An increase of 4.0 mb/d y-o-y is projected for 3Q21, and 4Q21 demand y-o-y is expected to be higher by 2.7 mb/d.

Demand for OPEC crude in 2020 remained unchanged 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 for all quarters 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 11.9 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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