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The Organization of the Petroleum Exporting Countries’ (OPEC) latest monthly report showed that the 2021 global oil demand growth forecast got revised down to 5.79 million barrels per day (bpd) from 5.9 million bpd in the previous report, per Reuters.

Additional takeaways

“Global economy is showing signs of a healthy recovery in 2021 but oil demand is currently lagging.”

“Oil demand is forecast to pick up in the second half of 2021.”

“2021 overall non-OPEC supply growth forecast lowered to 670,000 bpd (previous forecast 850,000 bpd).”

“OPEC oil output rose 180,000 bpd in January to 25.50 million bpd.”

“2021 forecast for global demand for OPEC crude hiked to  27.5 million bpd (previous forecast 27.2 million bpd).”

Market reaction

Crude oil prices showed no immediate reaction to this report and the barrel of West Texas Intermediate (WTI) was last seen trading flat on the day at $58.33.