Quarterly Oil Market Update – Q3 2020: (Uncertainty ever present)

Q3 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.