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Reuters: OPEC+ Cuts Its Forecast For Oil Demand Growth in 2021

Adel 29 October, 2021 4:30 pm Commodities, Market Update

Reuters quoted two sources as saying that the OPEC+ Joint Technical Committee reduced its estimates for the growth of global oil demand this year to 5.7 million barrels per day from 5.8 million, amid the continued strong recovery of consumption since its collapse in 2020.

One of the sources said that the Joint Technical Committee, which met on Thursday, kept its forecast for demand over the next year at 4.2 million barrels per day.

The source added that the revision of growth estimates in 2021 is “no cause for concern” as it serves as an update to the data.

Ministers of the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, the alliance known as OPEC+, meet on November 4 to decide on production policies.

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