OPEC Leaves 2021 Global Oil Demand Growth Forecast Unchanged at 5.9 Million bpd

The Organization of the Petroleum Exporting Countries (OPEC) left its forecast for global oil demand growth in 2021 unchanged at 5.9 million barrels per day in its latest monthly report, per Reuters.

“US shale supply outlook is now slightly more optimistic with rising oil prices, the output is seen recovering more in the second half of 2021.”
“2021 overall non-OPEC supply forecast left unchanged.”
“US liquids supply growth forecast raised by 71,000 bpd from the previous forecast to 370,000 bpd.”
“New virus variants, rising infections and slow start to vaccination programmes may cloud economic recovery at least for the first quarter of 2021.”