-
OPEC revises 2021 oil demand growth forecast down to 5.82 million barrels per day
In its monthly report published on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) announced that it lowered the 2021 oil demand growth forecast to 5.82 million barrels per day (bpd) from 5.96 million bpd, per Reuters. Additional takeaways • "OPEC keeps 2022 oil demand growth unchanged at 4.15 million bpd." • "OPEC sees rise in natural gas and thermal coal prices encouraging increased gas-to-oil switching." • "OPEC raises estimated demand for its crude in 2022 by 100,000 bpd to 28.8 million bpd." • "OPEC says its output rose 490,000 bpd to 27.33 million bpd in September." Market ... (full story)
-
OPEC REVISES 2021 OIL DEMAND GROWTH DOWN TO 5.82 MLN BARRELS PER DAY, FROM 5.96 MLN BPD PREVIOUSLY - OPEC MONTHLY REPORT
— First Squawk (@FirstSquawk) October 13, 2021
OPEC KEEPS 2022 OIL DEMAND GROWTH UNCHANGED AT 4.15 MLN BPD
OPEC SEES RISE IN NATURAL GAS AND THERMAL COAL PRICES ENCOURAGING INCREASED GAS-TO-OIL SWITCHING
-
OPEC remains cautious on oil demand strength despite price jump
— DailyFX Team Live (@DailyFXTeam) October 13, 2021
- lowers 2021 world oil demand forecast by 160kbpd
-
Download Monthly Oil Market Report - October 2021
pdf Crude oil prices rebounded m-o-m in September, gaining about 5%, supported by robust oil market fundamentals amid a slow restart of US oil production, further recovery of oil demand and a drop in inventories, along with easing COVID-19-related mobility restrictions in several Asian countries. Moreover, worries about natural gas and coal shortages in Europe and Asia boosted sentiment for higher oil demand. The OPEC Reference Basket (ORB) value rose by $3.55 or 5.0% m-o-m in September to settle at $73.88/b. Year-to-date (y-t-d), the ORB was up by $26.21, or 64.5%, to average $66.83/b compared with the same period ... (full story)