OPEC leaves the forecast for growth of world oil demand for 2021 unchanged at 5.9 million bpd

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The Organization of the Petroleum Exporting Countries (OPEC) left unchanged its forecast for world oil demand growth in 2021 at 5.9 million barrels per day (bpd) in its latest monthly report, Reuters reported.

The outlook for shale in the US is now a bit more optimistic with rising oil prices, Production is expected to recover further in the second half of 2021. The non-OPEC general supply forecast for 2021 was unchanged.

The report indicates that new virus variants, increased infections and the slow start of vaccination programs may dampen the economic recovery at least during the first quarter of 2021.

The OPEC oil production increased by 280,000 bpd in December to 25.36 million bpd, driven by Libya, Iraq and the United Arab Emirates.

OPEC’s forecast for global oil demand for 2021 was unchanged at 27.2 million bpd.

Market reaction

Oil prices fell slightly after this report. WTI is trading 0.45% down at $ 52.60.

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