OPEC changes forecast for oil demand

The Organization of petroleum exporting countries (OPEC) has forecast a reduction in oil demand this year, due to the impact caused by the pandemic. The statement was made on Thursday (11).

OPEC had already announced a reduction in demand in the last month, but further lowered its forecast. According to a monthly report by the organization, demand will advance by 5.79 million barrels per day (bpd) this year to 96.05 million bpd. The data represent a reduction in growth projection by 110,000 bpd.

In this way, OPEC and its allies, known as Opec+, are slowing down production growth plans. "While the global economy is showing signs of a healthy recovery in 2021, demand for oil is lagging behind – but it is expected to recover in the second half of 2021," the organization said in its report.

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