The Organization of the Petroleum Exporting Countries on Thursday raised its forecast for global oil-demand growth in 2021, APA reports citing MarketWatch.
In its monthly report, OPEC said it sees demand growth of 5.89 million barrels a day this year, compared with a previous estimate of 5.79 million barrels a day. That brings total world demand to 96.27 million barrels a day from a previous outlook of 96.05 million barrels a day.Non-OPEC liquids supply for 2021 is forecast to grow by 950,000 barrels a day to average 63.8 million barrels a day, OPEC said, adding that "upstream capital spending in 2021 is expected to remain well below 2019 levels, mainly due to the significantly lower projected investment in U.S. shale." OPEC said its U.S. liquids supply growth forecast for 2021 remained unchanged at 160,000 barrels a day, though tight crude output is forecast to decline by 100,000 barrels a day year-over-year, though "uncertainties persist." while uncertainties persist.