OPEC trims forecast for global oil demand growth in 2021

OPEC lowered its world oil demand growth forecast for 2021, despite its expectations that oil will record strong levels of growth in the last quarter, according to the group’s monthly report.

The oil producers group expects global demand for crude to exceed 100 million barrels per day (bpd) in 2022.

The Organization of the Petroleum Exporting Countries (OPEC) now expects oil demand to grow by 5.82 million bpd, down from 5.96 million bpd in its previous forecast.

It maintained a growth forecast of 4.2 million bpd for next year.

The report noted that the demand is expected to receive support from the economic momentum in consuming countries, in addition to expectations of better management of the coronavirus pandemic.

The report also stressed that global demand for crude will record strong levels in Q4 2021, supported by the seasonal increase in demand for petrochemicals and heating fuels.

The group expects non-OPEC supply to grow this year by about 0.7 million bpd, which is 0.3 million bpd less than last month's estimates.