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.
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 – Q4 2017: (Downward Pressure on Oil Prices)
Oil Market ReportA brighter outlook for the global economy and tighter oil markets had seen Brent oil prices rise 18 percent quarter-on-quarter in Q4 2017, to $62 per barrel (pb), with prices continue to rally to $70 pb in January 2018, the highest level since November 2014.
