Economic updates
Our in-depth, independent reports cover the macroeconomic environment, the Saudi government’s annual budget, and Saudi Arabia’s monetary and financial developments, labor market, and inflation.
Oil Market Update – Q1 2021: (Small bump on the road to recovery)
Macroeconomic reportThe recovery in global oil demand reversed course during the first quarter of 2021, with OPECs 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.
Oil Market Update – Q2 2021: (OPEC+: a temporary divergence)
Macroeconomic reportAccording 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.
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.
