OPEC Lowers 2021 World Oil Demand Growth forecast to 5.79M bpd From 5.9M bpd

OPEC said that global oil demand will rebound in 2021 at a slower pace than previously thought, in the latest step in a series of cuts to expectations amid the fallout from the coronavirus pandemic.

The Organization of Petroleum Exporting Countries added in a monthly report that demand will rise by 5.79 million barrels per day this year to 96.05 million barrels per day, lowering its forecast of 110,000 barrels per day from a month ago.

“Global economy is showing signs of a healthy recovery in 2021 but oil demand is currently lagging.”

“Oil demand is forecast to pick up in the second half of 2021.”

“2021 overall non-OPEC supply growth forecast lowered to 670,000 bpd (previous forecast 850,000 bpd).”

“OPEC oil output rose 180,000 bpd in January to 25.50 million bpd.”

“2021 forecast for global demand for OPEC crude hiked to  27.5 million bpd (previous forecast 27.2 million bpd).”