OPEC cuts world oil demand forecast for 2021

By MG News | November 12, 2021 at 09:17 AM GMT+05:00

0:00

November 12, 2021: OPEC lowered its world oil demand forecast for 2021 on Thursday, citing weaker demand in major consumers, and an expected hit from high energy prices.

In a monthly report, the cartel of major oil producers cut its forecast by around 160,000 barrels per day.

Global demand for 2021 is now forecast to reach 96.4 million barrels per day.

"Revisions were mainly to account for slower than anticipated demand from China and India" in the third quarter, the report said.

"In addition, a slowdown in the pace of recovery in 4Q21 is now assumed due to elevated energy prices," it said.

AFP/APP

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