OPEC Raises Global Oil Demand Forecast as Mexico’s Pemex Set for Modest Production Uptick
The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday formally raised its expectations for global oil demand in 2021, citing expectations for a recovery from the pandemic and stronger economic growth.
In its Monthly Oil Market Report (MOMR), the cartel projected demand would rise by 5.95 million b/d this year, a nearly 7% increase from 2020. The estimate is up 70,000 b/d from the group’s earlier outlook in March.
“Gasoline is projected to be the key driver for oil demand recovery beginning with the onset of the summer driving season,” OPEC said in the MOMR.
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Oil Price Susceptible to Rise in US Output Following OPEC JMMC Meeting of clients are net short. Long News of clients are net short. Long News of clients are net short. Long News of clients are net short. Long News 2021-04-05 14:00:00 David Song, Strategist
Oil Price Talking Points
The price of oil appears to be stuck in a narrow range as the Organization of the Petroleum Exporting Countries (OPEC) plan to gradually restore production over the coming months