BAKU, Azerbaijan, August 15. Forecast for the demand for OPEC crude in 2022 was revised down by 0.3 million barrels per day, compared to the previous review, to 28.8 million barrels per day, Trend reports citing the latest oil market update from OPEC.
“According to secondary sources, OPEC crude production averaged 28.4 million barrels per day in the first quarter of 2022, which is 0.3 million barrels per day lower than the demand for OPEC crude. In the second quarter of 2022, OPEC crude production averaged 28.6 million barrels per day, in line with demand for OPEC crude,” the report said.
As OPEC noted, the demand forecast for 2023 was revised down as well - by 0.3 million barrels per day to 29.8 million barrels per day, which is also 0.9 million barrels per day more than in 2022.
“Compared with the previous assessment, demand for OPEC crude in the first and the second quarters of 2023 and was revised up by 0.1 million barrels per day and 0.2 million barrels per day respectively, while the third and the fourth quarters of 2022 were revised down by 0.9 million barrels per day and 0.7 million barrels per day, respectively,” the report said.
According to OPEC, the demand for OPEC crude in the first quarter of 2023 is forecast at 0.5 million barrels per day, 1.7 million barrels per day - in the second quarter, and 1.5 million barrels per day - in the third quarter of the next year. Meanwhile, the second quarter of 2023 is expected to be at the same level at the same period of the current year.
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