OPEC lowers oil demand growth to 5.8 mln bpd in 2021

TASS Russian News Agency | Oct 13, 2021 at 5:16 PM

MOSCOW, October 13. /TASS/. The recovery in global oil demand is slightly slower than expected. According to OPEC estimates, in 2021, the growth in oil demand will be 5.8 mln barrels per day (bpd), which is 160,000 bpd below the September estimate, according to the organization's monthly report.

The downward revision was mainly driven by weaker actual data for the first three quarters of 2021 than expected, despite assumptions about good oil demand in Q4 of 2021, the report said.

In particular, it was expected that demand in Q3 would be supported by a seasonal increase in the demand for oil in petrochemicals and heating, as well as the potential shift of consumers to oil products due to high prices for natural gas.

Overall, OPEC expects global oil demand in 2021 to reach 96.6 mln bpd. According to the report, in the countries of the Organization for Economic Cooperation and Development (OECD), the estimate of demand growth has been reduced by 0.11 mln bpd in 2021, mainly due to new, more accurate data for the first half of the year: in particular, in the Americas, and in the OECD countries in Europe, there was a lower demand for transport and industry.

For 2022, OPEC has not changed its estimate of the growth of global oil demand: it will grow by 4.2 mln bpd to 100.8 mln bpd. Demand is expected to be supported by economic growth in major consumer countries and better management of the COVID-19 pandemic.