OPEC expects more moderate oil demand by the end of the year
OPEC has revised its forecast for oil demand growth this year to 5.7 mln b/d, down 0.16 mln b/d. b/d. Next year's forecast is unchanged at 4.2 mln b/d. These figures are published in the latest cartel report, which This is not the first time the cartel has lowered its projections. By comparison, For comparison, its August forecast for the same period was 6 mln b/d. The reason for the reduction was that oil demand in China and India had been growing at a slow pace in the previous trimester. The reason for the lowering was the fact that the demand for oil from the PRC and India was growing slower than it was estimated experts. As noted in the document, a similar situation observed also in the OECD countries, the United States and Latin America. Demand in Europe increased, but it was in Europe, but not enough to make an impact on global indicators. As for expected demand this year, according to the organization, it will be 96.4 percent. 96.4 bpd this year and 100.6 bpd next year. The second figure exceeds the 2019 results by about half a million bps.