OPEC lowers 2021 oil demand growth forecast

Oil

OPEC has downgraded its global oil demand growth forecast for 2021 by 160K b/d compared to its previous Monthly Oil Market Report (MOMR), citing slower than anticipated growth from China and India across 3Q21, as well as a slowdown in the pace of recovery in 4Q21 due to elevated energy prices. According to OPEC, global oil demand is now predicted to reach an average of 96.4M b/d in 2021, an increase of 5.7M b/d compared to 2020 levels.