The latest monthly report from the Organization of the Petroleum Exporting Countries (OPEC) showed that the World oil demand growth forecast for 2021 was revised down to 5.79 million barrels per day (bpd) from 5.9 million bpd in the previous report, according to Reuters.
Outstanding conclusions:
“The world economy is showing signs of a healthy recovery in 2021, but oil demand is currently lagging“.
“It is anticipated that oil demand recovers in the second half of 2021“.
“The overall non-OPEC supply growth forecast for 2021 was lowered to 670,000 bpd (previous forecast 850,000 bpd).”
“OPEC oil production increased 180,000 bpd in January to 25.50 million bpd.”
“The 2021 forecast for global demand for OPEC crude increased to 27.5 million bpd (previous forecast of 27.2 million bpd).”
.
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.
