In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand growth in 2021 to 5.95 million barrels per day (bpd) from 5.89 million (bpd) in the previous report, per Reuters. Additional takeaways “There have been sizeable drawdowns in global inventories since mid-2020 and these are expected to continue in coming months.” “Bulk of 2021 oil consumption growth is expected to take place in Q2 and Q3.” “Summer 2021 gasoline demand is still not expected to surpass 2019 levels due to COVID-19 related challenges.” “OPEC oil output rose by 200,000 bpd in March to 25.04 million bpd, driven by Iran.” “OPEC raises 2021 forecast for global demand for its crude by 200,000 bpd to 27.4 million bpd.” Market reaction Crude oil prices edged higher after this report and the barrel of West Texas Intermediate (WTI) was last seen trading at $60.15, gaining nearly 1% on a daily basis. 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 Breaking: US annual core inflation rises to 1.6% in March FX Street 2 years In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand growth in 2021 to 5.95 million barrels per day (bpd) from 5.89 million (bpd) in the previous report, per Reuters. Additional takeaways "There have been sizeable drawdowns in global inventories since mid-2020 and these are expected to continue in coming months." "Bulk of 2021 oil consumption growth is expected to take place in Q2 and Q3." "Summer 2021 gasoline demand is still not expected to surpass 2019 levels due to COVID-19 related challenges." "OPEC oil output rose by 200,000 bpd… 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.
