OPEC has downgraded the forecast for global oil demand in 2021 to 5.8 million barrels per day instead of 6 million barrels, Report informs, referring to the October report of the organization.
In 2022, OPEC still expects demand to grow by 4.2 million barrels per day.
Global oil demand is expected to increase by 5.8 million barrels per day in 2021, according to the report. In August, OPEC forecast demand growth this year by 6 million barrels per day.
At the same time, forecasts for the last quarter of this year are generally positive, taking into account seasonal demand and the possibility of switching from gas to oil in the power generation sector.
According to OPEC estimates, global oil demand in 2021 will average 96.6 million barrels per day.
The forecast for demand growth in 2022 is maintained at the level of last month’s estimate of 4.2 million barrels per day, the report noted. The forecast was influenced by expectations of good economic growth in major consumer countries as they gradually come out of the coronavirus pandemic.
The organization predicts that oil demand in 2022 will reach 100.8 million barrels per day, which will exceed the level that existed before the COVID pandemic.
The report also says that commercial stocks of oil and oil products in OECD countries in August fell below the five-year average by 183 million barrels and below the 2015-2019 indicator by 131 million barrels.
Preliminary data for August show that total commercial stocks of oil and petroleum products in the OECD fell by 19.5 million barrels compared to the previous month, report.az said.
