In its last monthly report, the Organization of Petroleum Exporting Countries (OPEC) left unchanged its forecast for world oil demand growth for 2021 at 5.95 million barrels per day (bpd), Reuters reported.
OPEC cut the forecast for world oil demand for the second quarter of 2021 by 300,000 bpd, while increasing the forecasts for the third and fourth quarters.
The Forecast for non-OPEC oil supply growth in 2021 was cut by 230,000 bpd to 700,000 bpd, citing the impact on US production of the Texas freeze.
Regarding OPEC oil production, it increased by 30,000 bpd in April to 25.08 million bpd. The increased supply from Iran offset cuts mainly in Libya and Venezuela. OPEC raised the forecast for 2021 for global demand for its crude by 200,000 bpd to 27.7 million bpd.
Market reaction
Crude oil prices did not show an immediate reaction to this report. The price of a barrel of West Texas Intermediate (WTI) lost almost 1%, accompanying a fall in stocks.
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