OPEC has estimated that during the 3Q19, all oil consuming regions of the globe will be using 100.63 million barrels of oil per day, ...
meanwhile, OPEC and the rest of the world's oil producers were still only producing 99.24 million barrels per day during August, which means that there was a shortfall of around 1,450,000 barrels per day in global oil production...
... in addition, the 1,980,000 barrel per day shortfall that we had previously figured for July based on last month's figures would now be revised to a deficit of 2,220,000 barrels per day in July, 2019....
....hence, for the 2nd quarter as a whole, even after those downward revision to demand, the world's oil producers were producing 767,000 barrels per day less than what was needed...Global oil demand / supply deficit, in bullet-form:
- 3Q19, estimate of demand, global, crude oil:
- 100.63 million bopd
- 3Q19, global production, crude oil:
- 99.24 million bopd
- 3Q19, shortfall, crude oil, original estimate:
- 1.45 million bopd
- July, 2019, crude oil, deficit, revised:
- 2.220 million bopd (up from previous estimate of 1.980 million bopd)
- total, 2Q19, deficit: 767,000 bopd
- June, 2019, deficit: 620,000 bopd
- May, 2019, deficit: 990,000 bopd
- April, 2019, deficit: 860,000 bopd