OPEC Revises Down Global Oil Demand Forecast For 2021 ...Middle East

OPEC expects oil demand to rise by 5.8 million barrels per day (bpd) this year, down by around 100,000 bpd from last month’s projection due to lockdowns in major developed economies in the first half of this year, the cartel said on Thursday.    “Extended lockdowns and the re-introduction of partial lockdowns in a number of countries has resulted in downward revisions to 1H21 projections,” OPEC said in its February Oil Market Report (MOMR). In the January report, OPEC expected demand to rise by 5.9 million bpd in…

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