Open Demo Account
Home / Market Update / Commodities / Reuters: OPEC+ Cuts Its Forecast For Oil Demand Growth in 2021
OPEC

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.

Tags

Check Also

Bitcoin Bounces Back to $74K as Iran Ceasefire Extension Lifts Risk Appetite: But $82K Peak Feels Far Away

Key Takeaways Bitcoin rebounds: The world’s largest crypto rose 0.8% to $73,736.6 after sliding near …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends