Oil market

In-depth reports on key Oil market.

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    Thu, 15 July 2021

    Oil Market Update – Q2 2021: (OPEC+: a temporary divergence)


    According to OPEC data, Q2 2021 oil demand rose by 3 percent quarter-on-quarter and a sizable 14 percent year-on-year. The outlook for the remainder of the year is consistent with previous estimates, with oil demand expected to keep growing quarter-on-quarter in Q3 and Q4 2021. Overall, only transportation fuels (jet fuel and gasoline) are showing sizable differences in demand when compared to pre-pandemic levels.

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    Wed, 21 April 2021

    Oil Market Update – Q1 2021: (Small bump on the road to recovery)

    The recovery in global oil demand reversed course during the first quarter of 2021, with OPEC’s monthly oil market report showing declines of 780 thousand barrels per day (tbpd) or -0.8 percent quarter-on-quarter in Q1. Looking ahead, according to OPEC forecasts, oil demand will resume rising on a quarterly basis during the rest of the year, but still end up 3.5 percent lower than pre-Covid-19 levels by the end of 2021.

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    Sun, 17 January 2021

    Quarterly Oil Market Update – Q4 2020: (The only way is up?)

    The 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.

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    Tue, 27 October 2020

    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.

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    Sun, 19 July 2020

    Quarterly Oil Market Update – Q2 2020: (Recovery in demand beginning to take shape)

    According 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.

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    Sun, 19 April 2020

    Quarterly Oil Market Update – Q1 2020: (COVID-19 Induced Demand Destruction)

    The 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.

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    Mon, 20 January 2020

    Quarterly Oil Market Update – Q4 2019: (Oil Demand Growth Improving in 2020)

    According 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.

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    Sun, 13 October 2019

    Quarterly Oil Market Update – Q3 2019: (Oil Demand Growth Continues to Decline)

    OPEC 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.

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    Sun, 28 July 2019

    Quarterly Oil Market Update – Q2 2019: (Trade tensions continue to cloud outlook)

    OPEC 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.

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    Tue, 23 April 2019

    Quarterly Oil Market Update – Q1 2019: (US waivers on Iranian oil end)

    A 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.

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