OPEC lowers global demand forecast for oil demand on 2021 02/11/2021

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The Organization of the Petroleum Exporting Countries (OPEC) has slightly reduced its plan for global demand for goods by 2021. According to the company’s monthly report released on Thursday, consumption of energy assets is expected to increase by 5.79 million barrels per day (bpd), at 96.05 million bpd – a negative correction of 110 thousand bpd from the previous estimate.

In the Organization for Economic Co-operation and Development (OECD) countries, Cartel expects oil exploration to expand from 2.47 million ppm to 44.51 million ppm. Outside the group, the forecast for 3.32 million ppd to 51.54 million ppd is for very strong improvement, driven by a recovery in consumption in China, which is 14.14 million ppd per year.

By 2020, OPEC estimates have increased by 250,000 ppd, now adding that global demand is estimated at 90.01 million ppd, a historic decline of 9.7 million ppd compared to 2019.

The report exemplifies that “although the global economy is showing signs of a healthy recovery in 2021, there is a demand for oil, but the forecast is for a recovery in the second half. .

Offer outside the group

OPEC has lowered its forecast for an increase in the supply of goods between countries outside the group, which is expected to advance to 6.6 thousand barrels per day (bpd) 29.68 million ppd per day by 2021. In a monthly report, Cartel worsened its plan to shrink by 2.54 million ppm in 2020 to produce 62.66 million ppm.

According to the document, the fourth quarter of 2020 is said to be the reason for the negative review than expected deliveries in Brazil and Thailand. In the United States, on the other hand, the metric has recovered, the Gulf of Mexico after the effects of the hurricane season.

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“The countries with the biggest decline in supply by 2020 should be Russia, the United States, Canada, Kazakhstan, Colombia, Malaysia, the United Kingdom and Azerbaijan, while the increase in oil production is estimated mainly in Norway, Brazil, China and Guyana,” the report said.

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