OPEC revises 2021 global oil demand to 5.7 mb/d

By Oke Peter

The Organisation of the Petroleum Exporting Countries (OPEC) has revised the 2021 world oil demand forecast downward to 5.7 million barrels per day (bpd), its Oil Market Report for November 2021 released yesterday has shown.

OPEC headquarters in Vienna.

“World oil demand growth is revised lower by around 0.16 mb/d, compared to last month’s assessment, to stand at 5.7 mb/d.

”Revisions were mainly to account for slower than anticipated demand from China and India in Third Quarter 2021.

“Global oil demand is now estimated to reach 96.4 mb/d in 2021,” the report said.

It said for 2022, growth in global oil demand remains unchanged compared to the previous month’s assessment, to stand at 4.2 mb/d.

The report added that world total demand in 2022 was now estimated to reach 100.6 mb/d, around 0.5 mb/d above 2019 levels.

It said marginal upward revisions in Organisation for Economic Cooperation and Development (OECD) Europe, due to better economic views in some European countries, were offset by softer growth in industrial fuel demand, in OECD America and Latin America.

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