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· The Organization of the Petroleum Exporting Countries (OPEC) has pruned the 2021 world oil demand forecast. It is now pegged at 5.7 million barrels per day
· In the Oil Market Report for November 2021, OPEC has reported to have maintained that demand growth was revised lower by around 0.16 mb/d, compared to last month’s assessment, which was at 5.7 mb/d.
· Revisions were made mainly taking into slower than anticipated demand from China and India in the third quarter of 2021
The Organization of the Petroleum Exporting Countries (OPEC) has pruned the 2021 world oil demand forecast. It is now pegged at 5.7 million barrels per day.
In the Oil Market Report for November 2021, OPEC has reported to have maintained that demand growth was revised lower by around 0.16 mb/d, compared to last month’s assessment, which was at 5.7 mb/d.
Revisions were made mainly taking into slower than anticipated demand from China and India in the third quarter of 2021. In the meanwhile, global oil demand is now estimated to reach 96.4 mb/d in 2021, according to the report. In 2022, the report said that growth in global oil demand remained unchanged compared to the previous month’s assessment, to stand at 4.2 mb/d. This would take the world total demand in 2022 to reach 100.6 mb/d, around 0.5 mb/d above 2019 levels.
The report said that marginal upward revisions in Organization for Economic Cooperation and Development (OECD) was due to better economic views in some European countries. This was offset by softer growth in industrial fuel demand, in OECD America and Latin America
