Quarterly Oil Market Update – Q3 2020: (Uncertainty ever present)
Oil Market ReportQ3 2020 oil demand rose by 8.4 million barrels per day (mbpd), or 10 percent, quarter-on-quarter, but was 9.5 mbpd (or 9 percent) lower than the same period last year. Looking ahead, whilst OPEC expects to see four out of five quarter-on-quarter rises in oil demand for now until Q4 2021, demand is still expected to be 3 percent lower than pre-COVID-19 levels by the end of 2021.
Quarterly Oil Market Update – Q4 2020: (The only way is up?)
Oil Market ReportThe recovery in global oil demand continued through the last three months of 2020, with OPEC reporting rises of 3 percent quarter-on-quarter in Q4 2020. Looking ahead, oil demand will continue rising in Q1 and during the rest of the year on a quarterly basis, but still end up 3 percent lower than pre-COVID-19 levels by the end of 2021.
Quarterly Oil Market Update – Q1 2020: (COVID-19 Induced Demand Destruction)
Oil Market ReportThe latest monthly oil market report from OPEC lays out a bleak outlook for oil demand growth in 2020, with an average decline of 6.9 million barrels per day (mbpd) expected over the course of the year.
Quarterly Oil Market Update – Q2 2020: (Recovery in demand beginning to take shape)
Oil Market ReportAccording to latest OPEC forecasts, the worst seems to be over with respect to global oil demand. Whilst H1 2020 saw an average yearly decline in oil demand by nearly 12 percent, H2 2020 is expected to see declines of around 6 percent year-on-year. Overall, oil demand is expected to decline by 9 million barrels per day mbpd (or 9 percent) year-on-year in 2020.
