Spot crude oil prices averaged lower in September, after gains in four consecutive months, according to press release. September declines as a result of softening recovery of physical crude market fundamentals, bearish market in the wake of increasing COVID-19 cases, and global oil demand outlook concerns.
- OPEC cuts 2021 global oil demand growth from 6.6 million barrels per day to 6.5 million barrels per day
- Total consumption seen at 96.8 million as 2021 global GDP forecast reduced from 4.7% to 4.6%
- Cuts non-OPEC supply from 1.0 million barrels per day to 0.9 million barrels per day
- Maintains global oil demand at -9.5 million barrels per day while total production seen at 90.3 million versus previous 90.2 million barrels per day.
- Raises 2020 Non-OPEC oil supply from -2.7 million to -2.4 million barrels per day
- Cuts OPEC demand for its crude at 22.4 million barrels per day (Previous 22.6 million barrels per day)
- OPEC August oil production at 24.11 million barrels per day, a fall of 50,000 month-on-month basis
- Saudi Arabia August oil production 6.895 million versus 8.895 million barrels per day month-over-month basis
- OECD oil inventories lower by 20.7 million barrels to 3.20 billion barrels
