OPEC leaves 2021 world oil demand growth forecast unchanged at 5.95 million bpd

In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) left its forecast for 2021 world oil demand growth unchanged at 5.95 million barrels per day (bpd), as reported by Reuters.

Additional takeaways

"OPEC cuts Q2 2021 world oil demand forecast by 300,000 bpd; raises Q3 and Q4 forecasts."

"India will face a negative economic recovery impact in Q2 but it is expected to continue improving its momentum in the second half."

"OPEC cuts forecast for 2021 non-OPEC oil supply growth by 230,000 bpd to 700,000 bpd, citing the impact on the US output of Texas freeze."

"OPEC oil output rose by 30,000 bpd in April to 25.08 million bpd as higher Iran supply offsets cuts mainly in Libya, Venezuela."

"OPEC raises 2021 forecast for global demand for its crude by 200,000 bpd to 27.7 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 losing 0.82% on the day at $64.33.