In your last monthly report, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand growth in 2021 to 5.95 million barrels per day (bpd) from 5.89 million (bpd) in the previous report.
Featured statements
“There have been considerable reductions in global inventories since mid-2020 and they are expected to continue in the coming months.”
“Most of the 2021 oil consumption growth is expected to take place in the second and third quarters.”
“Summer 2021 gasoline demand is not yet expected to exceed 2019 levels due to challenges related to COVID-19.”
“OPEC oil production increased by 200,000 bpd in March to 25.04 million bpd, led by Iran.”
“OPEC raises the forecast for 2021 for world demand for its crude oil by 200,000 bpd to 27.4 million bpd.”
Market reaction
Crude oil prices rose after this report and the barrel of West Texas Intermediate (WTI) It last traded at $ 60.15, gaining nearly 1% on the day.
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