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Jan. 14, 2021, 7:56 a.m. EST

OPEC leaves 2021 forecast for oil-demand growth unchanged

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By MarketWatch


The Organization of the Petroleum Exporting Countries, or OPEC, on Thursday left its forecast for oil demand to grow to 95.9 million barrels a day in 2021, a rise of 5.9 million barrels a day. That's a partial rebound from the 9.8 million barrel a day decline in demand due to the COVID-19 pandemic last year. On the supply side, OPEC left its estimate of 2020 non-OPEC liquids production largely unchanged from its previous forecast at 62.7 million barrels a day, down 2.5 million barrels a day from 2019. Its forecast for 2021 non-OPEC output was also relatively unchanged, calling for an increase of 800,000 barrels a day. Oil futures remained lower, with West Texas Intermediate crude for February delivery /zigman2/quotes/211629951/delayed CL.1 +0.40% was down 19 cents, or 0.4%, at $52.72 a barrel on the New York Mercantile Exchange.

US : U.S.: Nymex
$ 63.47
+0.25 +0.40%
Volume: 489,745
Feb. 25, 2021 4:59p

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