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OPEC retains forecast for oil demand growth at 6 mln bpd in 2021

At the same time, the organization raised its forecast for the growth of oil supplies

MOSCOW, August 12. /TASS/. Growth in global oil demand in 2021 will amount to 6 mln barrels per day (bpd), the estimate has not changed compared to July, according to the August OPEC report.

OPEC noted that expectations for demand growth have not changed, despite the improvement in the main macro forecasts. In general, in 2021, oil demand will recover to 96.6 mln bpd, OPEC expects. OPEC also retained its estimate of demand recovery for 2022 at 3.3 mln bpd.

According to OPEC estimates, global oil demand will cross the 100 mln bpd mark in the second half of 2022, and will average 99.9 mln bpd for the year. The organization believes that the pandemic is generally being managed due to high rates of vaccinations and improved treatments.

At the same time, OPEC raised its forecast for the growth of oil supplies.

Thus, the organization raised its forecast for the growth of supplies from non-OPEC countries for 2021 by 0.27 mln bpd and by 0.84 mln bpd for 2022. This is due to the fact that the OPEC+ countries in July decided to increase production at a rate of 0.4 mln bpd per month until September 2022. In addition, OPEC expects to revise production forecasts in the United States and Canada. At the same time, OPEC named Canada, Russia, China, the United States, Norway, and Brazil as the main drivers of oil production growth.

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