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 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.
