Quarterly Oil Market Update – Q1 2019: (US waivers on Iranian oil end)
Oil Market ReportA recent official statement from the US confirmed that the current set of waivers on Iranian oil would not be extended beyond May 2nd. The ending of waivers would require the cessation of all oil purchases from Iran, which averaged at least 1.5 million barrels per day (mbpd) in Q1 2019.
Quarterly Oil Market Update – Q2 2019: (Trade tensions continue to cloud outlook)
Oil Market ReportOPEC revealed a modest level of global oil demand growth for 2020, in its latest monthly oil report. According to the organization, next year will see growth of 1.14 million barrels per day (mbpd), which is exactly the same level of growth expected in full year 2019.
Quarterly Oil Market Update – Q3 2019: (Oil Demand Growth Continues to Decline)
Oil Market ReportOPEC cut its 2019 oil demand growth projections by 4 percent month-on-month, to just under 1 million barrels per day (mbpd) in its most recent monthly oil report, with 2020 growth forecasted at 1.08 mbpd. According to OPEC, the downwardly revised forecast is reflective of a deteriorating outlook on the global economy.
Quarterly Oil Market Update – Q4 2019: (Oil Demand Growth Improving in 2020)
Oil Market ReportAccording to OPEC forecasts, an expected uptick in global trade, helped along by a recent improvement in US-Chinese trade relations, should see oil demand growth trend higher this year, at 1.2 percent, or 1.2 million barrels per day (mbpd), versus 930 thousand barrels per day (tbpd) in 2019.
Quarterly Oil Market Update – Q1 2018: (Volatility is back)
Oil Market ReportRising optimism around global economic growth, continued OPEC compliance to output targets and rising geopolitical tensions all contributed to pushing Brent oil prices to an average of $67 per barrel (pb) in Q1 2018, up 8 percent quarter-on-quarter.
