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OPEC+ panel lowers oil demand growth forecast

01 April 2021 14:23 (UTC +04:00)

OPEC+ has lowered its 2021 oil demand growth forecast by 300,000 barrels per day reflecting concerns about the market’s recovery as new coronavirus lockdowns take hold, a move that could strengthen the case for a cautious output decision this week, APA reports citing Reuters,

The Joint Technical Committee, which advises the group of oil-producing nations that includes Saudi Arabia and Russia, met on Tuesday ahead of a ministerial meeting on Thursday to decide output policy.

“Despite the ongoing destocking of commercial OECD stocks, they remain above the 2015-2019 average, while recognising that prevailing volatility in the market structure is a signal of fragile market conditions,” according to the JTC report seen by Reuters.