19 August 2018, Sweetcrude, Lagos — The demand for crude oil grades from members of the Organization of the Petroleum Exporting Countries, OPEC has fallen in 2018.
Newly released statistics by the group in its August 2018 Monthly Oil Market Report, MOMR, revised demand for OPEC-15 crude down by 0.1 mb/d from the previous month to stand at around 32.9 mb/d, 0.6 mb/d lower than a year earlier.
The second and the third quarter were also revised down by 0.2 mb/d each and the fourth quarter was revised down by 0.1 mb/d.
Compared with 2017, the first quarter was 0.1 mb/d higher than the same quarter last year, while the second and fourth quarters are expected to fall by 0.7 mb/d each.
The third quarter is also projected to fall by 0.1 mb/d.
According to secondary sources, as stated in the report, OPEC crude production averaged 32.4 mb/d in 1Q18, which is
0.1 mb/d higher than the demand for OPEC crude.
In 2Q18, OPEC-15 crude production stood at 32.2 mb/d, which is 0.2 mb/d lower than the demand for OPEC crude.