OPEC lowers 2021 oil demand growth forecast

Oil

OPEC has lowered its global oil demand growth forecast down to 5.79M b/d y-o-y in 2021, a reduction of around 110K b/d compared to its previous Monthly Oil Market Report (MOMR), as widespread coronavirus restriction measures have continued to constrain the recovery of global consumption. Overall demand for 2021 was revised up by 140K b/d m-o-m to 96.05M b/d, however the same estimate for 2020 was also elevated by 250K b/d m-o-m to 90.26M b/d, with demand in India accounting for 200K b/d of this increase.