OPEC lowers its 2021 global oil demand forecast

The Organization of the Petroleum Exporting Countries (OPEC) recently predicted in a monthly report that next year's oil demand will increase by 5.9 million barrels per day, a decrease of 350,000 barrels per day from its forecast a month ago.

According to the report, OPEC said on Monday that due to the impact of the epidemic, the rebound in global oil demand in 2021 will be slower than expected, which hinders the organization and its allies in their efforts to support the market.

The prospect of a weaker demand recovery has prompted the OPEC+ alliance formed by OPEC and its allies to slow down the original pace of production increase in 2021. OPEC predicts that next year's oil demand will increase by 5.9 million barrels/day to 95.89 million barrels/day, a decrease of 350,000 barrels/day from the forecast a month ago.

OPEC said: "Although it is still forecasted to grow by 4.4% in 2021, the recent positive news about the vaccination plan of major economies being faster than expected provides potential upside for next year's growth forecast.