OPEC downgrades forecast for global oil demand

OPEC has downgraded the forecast for growth in global oil demand in 2021 by 0.1 million barrels per day, to 5.8 million barrels per day, Report informs, referring to the OPEC February report.

In general, the demand for oil in the world market in 2021 will amount to 96.05 million barrels per day.

The reason for the decline was a slower-than-expected recovery in the transport sector, in which the demand forecast for the first half of 2021 was revised accordingly. The slow pace of vaccination also influenced it.

At the same time, OPEC slightly increased its estimate of global oil demand in 2020. According to the organization, this figure fell by 9.72 million barrels per day, to 90.26 million, while earlier, the decline was estimated at 9.75 million.