The Organization of the Petroleum Exporting Countries (OPEC) It expects global oil demand to grow by 5.9 million barrels per day (bpd) in 2021, compared with 6.25 million bpd in the previous forecast, the monthly report showed on Monday.
Additional conclusions
“Global oil demand in 2020 will fall by 9.77 million bpd (previous forecast of 9.75 million bpd fall).”
“The prospect of lower oil demand in 2021 reflects the uncertainty surrounding the impact of COVID-19 on OECD transportation fuel use in the first half of 2021 and the forecast of a mild winter.”
“Recent news on the possibility of vaccination programs in major economies gives an edge to the economic growth forecast for 2021.”
“OPEC cuts the forecast for 2021 of world demand for its crude oil by 200,000 bpd to 27.2 million bpd.”
“OPEC oil production rose 710,000 bpd in November to 25.11 million bpd, driven by the recovery in Libya.”
Market reaction
Crude oil prices came under selling pressure in this publication. At time of writing, a barrel of West Texas Intermediate (WTI) posted small daily losses at $ 46.60.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
