OPEC lowers forecasts for global oil demand growth in 2021

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OPEC lowered its forecasts for the growth of global oil demand in 2021, but maintained its expectations that demand will rebound in 2022 to the pre-pandemic levels.

Global oil demand may rise by 5.7 million barrels per day this year to 96.4 million bpd, lower by about 0.16 million bpd compared to the previous expectations, according to OPEC's data announced on Thursday.

OPEC attributed the reduction of expectations to lower-than-expected demand levels in China and India in the third quarter.

It lowered its expectations for oil demand levels in the fourth quarter of 2021 by 330,000 bpd, at 99.49 million bpd.

Meanwhile, the organization maintained its forecasts for the growth of global demand for crude in 2022 by 4.2 million bpd at 100.6 million bpd, about 0.5 million bpd higher compared to 2019 levels.

Supply from non-OPEC members may rise by 0.7 million barrels to 63.6 million bpd in 2021, which are the same estimates as last month.

OPEC also kept its forecasts for global economic growth in 2021 and 2022 unchanged at 5.6% and 4.2%, respectively.

The data also showed that OPEC output rose by 217,000 bpd to 27.453 million bpd in October.