The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report on Tuesday.
- It left its prediction of a strong recovery for global world oil demand in 2021 intact.
- Said growth in the US & China will counter the demand slump in India
Said demand will rise by 5.95 million barrels per day (bpd) in 2021 (i.e. +6.6%), a forecast that is unchanged from last month.
The report also noted:
- significant uncertainties surrounding the pandemic
- “India is currently facing severe COVID-19-related challenges … face a negative impact on its recovery in the second quarter …. is expected to continue improving its momentum again in the second half of 2021”
- OPEC forecasts 2021 world economic growth at 5.5% (from 5.4% projected in the previous month’s report)