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Demand for OPEC crude revised up

Oil&Gas Materials 16 March 2022 11:05 (UTC +04:00)
Demand for OPEC crude revised up
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, March 16

By Leman Zeynalova – Trend:

Demand for OPEC crude in 2022 was revised up by 0.1 mb/d from the previous month to stand at 29.0 mb/d, which was around 1.0 mb/d higher than in 2021, Trend reports with reference to OPEC.

Compared with the previous assessment, 1Q22 and 4Q22 were revised up by around 0.3 mb/d each, while 2Q22 remained unchanged from the previous assessment and 3Q22 was revised down by around 0.1 mb/d. Compared with the same quarters in 2021, demand for OPEC crude in 1Q22, 2Q22, 3Q22 and 4Q22 is forecast to be higher by 1.9 mb/d, 1.3 mb/d, 0.6 mb/d and 0.2 mb/d, respectively.

According to secondary sources, total OPEC-13 crude oil production averaged 28.47 mb/d in February 2022, higher by 0.44 mb/d m-o-m. Crude oil output increased mainly in Saudi Arabia and Libya, while production in Nigeria and Equatorial Guinea declined.

The share of OPEC crude oil in total global production increased by 0.2 pp to 28.6% in February compared with the previous month. Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and nonconventional oil, while estimates for OPEC crude production are based on secondary sources.

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