The Organization of the Petroleum Exporting Countries (OPEC) expects the global oil demand to grow by 5.9 million barrels per day (bpd) in 2021, compared to 6.25 million bpd in the previous forecast, the monthly report showed on Monday. Additional takeaways “2020 world oil demand to fall by 9.77 million bpd (previous forecast 9.75 million bpd drop).” “Lower 2021 oil demand view reflects uncertainty around COVID-19 impact on OECDtransport fuel use in the first half of 2021 and forecast of mild winter.” “Recent news about the possibility of vaccination programs in major economies provides upside to 2021 economic growth forecast.” “OPEC cuts 2021 forecast for global demand for its crude by 200,000 bpd to 27.2 million bpd.” “OPEC’s oil output rose 710,000 bpd in November to 25.11 million bpd, driven by Libya recovery.” Market reaction Crude oil prices came under selling pressure on this publication. As of writing, the barrel of West Texas Intermediate (WTI) was posting small daily losses at $46.60. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next UK Jobs Preview: Data to unmask the real state of the economy, pounding the pound FX Street 2 years The Organization of the Petroleum Exporting Countries (OPEC) expects the global oil demand to grow by 5.9 million barrels per day (bpd) in 2021, compared to 6.25 million bpd in the previous forecast, the monthly report showed on Monday. Additional takeaways "2020 world oil demand to fall by 9.77 million bpd (previous forecast 9.75 million bpd drop)." "Lower 2021 oil demand view reflects uncertainty around COVID-19 impact on OECDtransport fuel use in the first half of 2021 and forecast of mild winter." "Recent news about the possibility of vaccination programs in major economies provides upside to 2021 economic growth forecast." "OPEC cuts 2021… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
