Demand On Opec Crude Drops Seven Million Barrel A Day Due To Covid-19

13 October 2020 Coronavirus

OPEC said demand for its crude in 2020 has dropped by around 7 million a day to 22.4 million barrels a day compared with 2019 as a result of the COVID-19 pandemic. Demand for OPEC crude in 2021 will be 27.9 mb/d, around 5.6 mb/d higher than in 2020, according to the cartel’s assessments.

“Spot crude prices settled significantly lower in September, after four consecutive months of gains,” it added. “The OPEC Reference Basket (ORB) fell by USD 3.65, or 8.1 percent month-on-month, to USD 41.54 a barrel, while the year-to-date averaged USD 40.62 a barrel.” Brent was down 7.0 percent month-on-month, averaging at USD 41.87 a barrel, while NYMEX WTI dropped 6.5percent month-on-month, settling at USD 39.63/b, it said. As for global demand, OPEC said this is estimated to decline by an annual 9.5 million barrels a day, reaching a level of 90.3 million barrels a day in 2020.

 

Source: Timeskuwait

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