Economic updates
Our in-depth, independent reports cover the macroeconomic environment, the Saudi government’s annual budget, and Saudi Arabia’s monetary and financial developments, labor market, and inflation.
Oil Market Update – Q2 2021: (OPEC+: a temporary divergence)
Macroeconomic reportAccording to OPEC data, Q2 2021 oil demand rose by 3 percent quarter-on-quarter and a sizable 14 percent year-on-year. The outlook for the remainder of the year is consistent with previous estimates, with oil demand expected to keep growing quarter-on-quarter in Q3 and Q4 2021. Overall, only transportation fuels (jet fuel and gasoline) are showing sizable differences in demand when compared to pre-pandemic levels.
Quarterly Oil Market Update – Q1 2019: (US waivers on Iranian oil end)
Oil market reportA recent official statement from the US confirmed that the current set of waivers on Iranian oil would not be extended beyond May 2nd. The ending of waivers would require the cessation of all oil purchases from Iran, which averaged at least 1.5 million barrels per day (mbpd) in Q1 2019.
Quarterly Oil Market Update – Q2 2019: (Trade tensions continue to cloud outlook)
Oil market reportOPEC revealed a modest level of global oil demand growth for 2020, in its latest monthly oil report. According to the organization, next year will see growth of 1.14 million barrels per day (mbpd), which is exactly the same level of growth expected in full year 2019.
Quarterly Oil Market Update – Q3 2019: (Oil Demand Growth Continues to Decline)
Oil market reportOPEC cut its 2019 oil demand growth projections by 4 percent month-on-month, to just under 1 million barrels per day (mbpd) in its most recent monthly oil report, with 2020 growth forecasted at 1.08 mbpd. According to OPEC, the downwardly revised forecast is reflective of a deteriorating outlook on the global economy.
Quarterly Oil Market Update – Q1 2020: (COVID-19 Induced Demand Destruction)
Oil market reportThe latest monthly oil market report from OPEC lays out a bleak outlook for oil demand growth in 2020, with an average decline of 6.9 million barrels per day (mbpd) expected over the course of the year.
