OPEC announces reduction in oil demand for 2021

The Organization of the Petroleum Exporting Countries (OPEC) announced on Monday (14) that global demand for oil will have a slower recovery in 2021 than previously expected. The reason for this is the impacts generated by the pandemic, which have grown again. This scenario undermines the effort stake d'Opec and its allies to support the market.

According to the estimate, published in a monthly report, demand is expected to rise by 5.9 million barrels per day (bpd) next year, reaching 95.89 million bpd. The forecast is 350,000 bpd below the one indicated in the previous month. Opec+, formed by OPEC and its allies, will curb the production increase they planned for 2021. An OPEC+ panel meets on Wednesday to reassess the market.

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