Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market.
Demand will rise by 5.90 million barrels per day (bpd) next year to 95.89 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report. The growth forecast is 350,000 bpd less than expected a month ago.
The prospect of a weaker demand recovery has already prompted OPEC and its allies, a group known as OPEC+, to slow the pace of its scheduled oil-output boost in 2021. An OPEC+ panel gathers on Wednesday to review the market.
