Reuters: OPEC + Committee Expects Weaker Oil Demand in 2021

A document seen by Reuters showed that OPEC and its allies have revised demand projections for 2021, with weaker demand forecasts than previously estimated, which supports the call for a tighter supply policy next year.

“For the year 2021, demand is expected to grow by 6.2 million barrels per day, on an annual basis, which represents a downward revision of 0.3 million barrels per day compared to last month’s assessment,” said a report of the Joint Technical Committee, which includes officials in the oil-producing countries of the OPEC + group.