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OPEC Leaves Its Forecast For Oil Demand in 2021 as It Is!

Adel 11 May, 2021 3:53 pm Commodities, Market Update

In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) left its forecast for global oil demand growth for 2021 unchanged at 5.95 million barrels per day, according to Reuters.

While OPEC lowered its forecast for global oil demand in the second quarter of 2021 by 300 thousand barrels per day; But it raised its forecasts for Q3 and Q4.

In addition, OPEC lowered its forecast for non-OPEC oil supply growth for 2021 by 230,000 barrels per day to 700,000 barrels per day, indicating the impact of the Texas freeze on US production.

OPEC raised its forecast for 2021 for global demand for its crude by 200,000 barrels per day to 27.7 million barrels per day.

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