- OPEC Monthly Oil Market Report for December 2020 was published this week.
- OPEC crude output increased by 279 kb/d in December, November output was revised down from last month's report by 26 kb/d.
- If OPEC's World demand estimate for 2021 is correct and their estimate for non-OPEC liquids output is also correct, then an OPEC average output level of 25 Mb/d in 2021 would reduce World stocks of petroleum products and crude by 730 million barrels per day (365 times 2) because average demand for OPEC crude is about 27 Mb/d in 2021.
For further details see:
OPEC Update, January 15, 2020