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OPEC lowers this year's oil production and demand forecasts

 Last Update: 2021-10-21
 Source: Internet
 Author: User

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The Organization of the Petroleum Exporting Countries (OPEC) said on the 13th that despite the tight supply in recent weeks, crude oil prices have risen sharply, the oil supply of OPEC and its partner countries will be lower than previously expected, and it has lowered its global oil demand forecast for this year

In its closely watched monthly market report, OPEC lowered its oil production forecast for OPEC and its partner countries this year by 300,000-700,000 barrels per day

OPEC also lowered its forecast for global oil demand this year, but by a smaller margin

However, OPEC said that record high natural gas prices may boost oil demand growth as industrial users switch to refined oil

Major oil-producing countries are still worried about the impact of the new crown pneumonia epidemic, and market volatility has not yet subsided

OPEC Secretary-General Barkindu told the media on the sidelines of an energy forum held in Moscow on the 14th that the oil market continues to face the uncertainty brought about by the new crown pneumonia epidemic

Regarding how the new crown pneumonia epidemic has caused uncertainty, Barkin pointed out that with the emergence of various virus variants, the government's response and how the world will increase the vaccination rate, especially in developing countries, there are uncertainties

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