Home Energy OPEC cuts demand outlook again as pandemic uncertainty lingers

OPEC cuts demand outlook again as pandemic uncertainty lingers

609
0
Access Pensions, Future Shaping

By Charles Ike-Okoh
MON, 14 DEC, 2020-theGBJournal- The Organisation of the Petroleum Exporting countries (OPEC) has once again revised lower oil demand outlook for 2021, citing the uncertainty surrounding the impact of COVID-19 and the labour market on the OECD transportation fuel outlook for 1H21.
For 2021, world oil demand growth is revised lower by 0.35 mb/d (350,000 bpd less than expected a month ago), to growth of 5.90 mb/d.
Petrochemical feedstock and industrial fuels are forecast to gain momentum on the back of improving economic activities, with total oil demand projected to reach 95.89 mb/d in 2021, OPEC said in its monthly oil market report for December published Monday.
Twitter-@theGBJournal|email: info@govandbusinessjournal.com.ng
 

Access Pensions, Future Shaping