OPEC sees rising oil demand
Plans to lift output on expectations of growth rebound
Afp
April 14, 2021
PARIS:
Organisation of the Petroleum Exporting Countries (OPEC) on Tuesday upgraded its expectations for global oil demand growth in 2021 on expectations of a growth rebound, as the organisation plans to lift output in the months ahead.
Its monthly report’s forecast of a year-on-year increase by 6 million barrels per day (bpd) was slightly higher than the March prediction, which had already been upgraded.
Such an increase would push global demand to 96.5 million bpd in 2021 after last year’s tumble due to coronavirus restrictions.
“Oil demand in the second half of 2021 is projected to be positively impacted by a stronger economic rebound than assumed last month, supported by stimulus programmes and a further easing of Covid-19 lockdown measures,” OPEC said.
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U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are edging higher late Tuesday after OPEC raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market, Reuters added.
At 05:23 GMT, June WTI crude oil is at $60.17, up $0.42 or +0.70% and June Brent crude oil is trading $63.68, up $0.40 or +0.63%.
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LONDON (Reuters) - The oil market is likely to be in balance in the second half of 2021, even though European coronavirus lockdowns and U.S. winter storms caused disruptions in March, crude and petroleum products market price structures showed.
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo
After sharp declines of oil inventories this year, the pace of destocking slowed in recent weeks, prompting OPEC and its allies, a group known as OPEC+, to lower its 2021 demand growth forecast by 300,000 barrels per day (bpd). The group now sees demand rising by 5.6 million bpd.
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Published 6:26 am
The average global crude oil prices have continued to rise for the fifth consecutive month, the Organisation of the Petroleum Exporting Countries said on Tuesday.
OPEC attributed the continued rise in international oil prices to the supportive oil market fundamentals deployed by the group to stem the earlier plunge in crude oil costs.
It disclosed this in the ‘Highlights of the OPEC Monthly Oil Market Report’ released on Tuesday and obtained by our correspondent in Abuja.
Commenting on crude oil price movements, the organisation said, “Spot crude prices rose for the fifth-consecutive month in March on the back of continuing supportive oil market fundamentals.