OPEC downgrades forecast for growth in oil demand this year

Global oil demand in 2021 will grow by 5.7 million barrels per day, a decline of 160,000 barrels less compared to the previous one, according to the November report of the Organization of the Petroleum Exporting Countries (OPEC), Report informs referring to TASS.

The downgrade in the forecast is attributed to slower-than-expected consumption rates in China and India in the third quarter of 2021. Now, global oil demand is expected to reach 96.4 million barrels per day in 2021.

The organization retained its forecast for growth in oil demand in 2022 at around 4.2 million barrels. According to the forecasts, global oil consumption may exceed the pre-crisis level.

According to OPEC, the daily demand for oil in 2022 may reach 100.6 million barrels, which is 0.5 million barrels per day more than in 2019.