Featured Gas Oil

OPEC revises 2021 world oil demand downward to 5.7 mb/d

The Organisation of the Petroleum Exporting Countries (OPEC) has revised the 2021 world oil demand forecast downward to 5.7 million barrels per day (mb/d).

OPEC made this known in its Oil Market Report for November 2021 which was obtained on Thursday in Lagos.

“World oil demand growth is revised lower by around 0.16 mb/d, compared to last month’s assessment, to stand at 5.7 mb/d.

“Revisions were mainly to account for slower than anticipated demand from China and India in Third Quarter 2021.

“Global oil demand is now estimated to reach 96.4 mb/d in 2021,” the report said.

It said for 2022, growth in global oil demand remains unchanged compared to the previous month’s assessment, to stand at 4.2 mb/d.

The report added that world total demand in 2022 was now estimated to reach 100.6 mb/d, around 0.5 mb/d above 2019 levels.

It said marginal upward revisions in Organisation for Economic Cooperation and Development (OECD) Europe, due to better economic views in some European countries, were offset by softer growth in industrial fuel demand, in OECD America and Latin America.

Related posts

Woman poisons, kills 2-day-old granddaughter in Ogun

Shile GIWA

Contaminated PMS: NNPC claims misleading, says Emadeb, others

Tonia Osundolire

COVID-19 summit: Senate President disappointed at absence of health ministers, perm sec

Abisola THOMPSON

Visa to acquire stake in Nigeria’s Interswitch

Shile GIWA

Trump says U.S. to put 75m barrels of oil into strategic reserve

Abisola THOMPSON 

Kogi polls: Former Gov. Wada advocates electronic voting system to curb flaws

Meletus EZE