6/10, 2:15 PM (Source: TeleTrader)
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OPEC: 2021 world oil demand estimate unchanged

The Organization of the Petroleum Exporting Countries (OPEC) said on Thursday that its world oil demand projection for 2021 stands at 6 million barrels per day (bpd), on the same level as it was in the OPEC's previous Monthly Oil Market Report. The total oil demand is expected to amount to 96.58 million bpd, according to the cartel.

OPEC noted that the oil demand forecast in the Organisation for Economic Co-operation and Development (OECD) countries has been revised slightly lower, mostly due to first-quarter economic data failing to reach expectations in OECD Americas and Europe. However, this downward revision has been offset by optimistic expectations for the second quarter, primarily resulting from "initial data for April in both regions, as well as positive mobility developments given easing restriction measures and border openings."

Projections for non-OECD countries have been raised, as Middle Eastern nations documented upbeat economic data in the second quarter.

Breaking the News / MS