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June 10, 2021, 8:20 a.m. EDT

OPEC leaves 2021 outlook for oil-demand growth unchanged

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By William Watts

The Organization of the Petroleum Exporting Countries, or OPEC, on Thursday left its forecast for growth in oil demand this year unchanged. OPEC, in its monthly report, said it expects demand to grow by 6 million barrels a day, with total oil demand at 96.58 million barrels a day. OPEC revised its estimate of the fall in 2020 oil demand to 9.3 million barrels a day, versus a previous estimate of around 9.4 million barrels a day. On the supply side, the organization said it raised its 2021 estimate of non-OPEC liquids by 100,000 barrels a day. It now looks for supply to grow by 800,000 barrels day to average 63.7 million barrels a day, "mainly due to a faster-than-expected recovery in U.S. liquids production of 2.5 million barrels a day in March," the report said. Oil futures remained slightly higher following the report. July West Texas Intermediate crude /zigman2/quotes/209723049/delayed CL00 +0.14% was up 12 cents, or 0.2%, at $70.08 a barrel on the New York Mercantile Exchange. August Brent crude /zigman2/quotes/209704782/delayed UK:BRN00 +0.12% was up 20 cents, or 0.3%, at $72.42 a barrel on ICE Futures Europe.

/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 72.17
+0.10 +0.14%
Volume: 257,102
July 23, 2021 5:00p
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/zigman2/quotes/209704782/delayed
UK : U.K. ICE Futures Europe
$ 74.19
+0.09 +0.12%
Volume: 174,860
July 23, 2021 10:59p
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