OPEC Crude Oil Prices Falls in September, Cuts Outlook

OPEC Crude Oil Prices Falls in September, Cuts Outlook

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

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