Home Energy OPEC cuts demand outlook again as pandemic uncertainty lingers

OPEC cuts demand outlook again as pandemic uncertainty lingers

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By Charles Ike-Okoh

MON, 14 DEC, 2020-theGBJournal- The Organisation of the Petroleum Exporting countries (OPEC) has once again revised lower oil demand outlook for 2021, citing the uncertainty surrounding the impact of COVID-19 and the labour market on the OECD transportation fuel outlook for 1H21.

For 2021, world oil demand growth is revised lower by 0.35 mb/d (350,000 bpd less than expected a month ago), to growth of 5.90 mb/d.

Petrochemical feedstock and industrial fuels are forecast to gain momentum on the back of improving economic activities, with total oil demand projected to reach 95.89 mb/d in 2021, OPEC said in its monthly oil market report for December published Monday.

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