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OPEC to Switch to OPEC+ Demand Forecasts in its Outlook: Reuters

OIL

OPEC will stop publishing a calculation of demand for the bloc’s own crude in its monthly report, sources told Reuters, focusing instead on forecasts for oil from the wider OPEC+ group.

  • The change reflects what has become a long-standing cooperation between OPEC members and the wider OPEC+ group.
  • From this month, OPEC will provide the estimate of crude demand from OPEC+ countries, comprising 12 OPEC members and 10 non-members.
  • Demand for crude from the wider group is now more relevant, sources told Reuters, as OPEC+ is now the framework for the cooperation on the oil market.
  • The market share of OPEC crude has fallen to a multi-decade low of 27%.
  • OPEC’s April report saw demand for OPEC crude at 28.5m b/d and demand for OPEC+ crude at 43.2m b/d, compared to world oil demand at 104.5m b/d.
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