OPEC and its allies have revised oil demand scenarios for 2021 with demand seen weaker than previously anticipated, a confidential document seen by Reuters shows, supporting the case for a tighter supply policy next year.
“For 2021, oil demand is expected to grow by 6.2 million barrels per day, year on year, representing a downward revision of 0.3 million barrels per day compared to last month’s assessment,” the report by a panel of officials from OPEC+ producers, called the Joint Technical Committee (JTC), said.
The JTC has met virtually on Monday ahead of the meeting of the Joint Ministerial Monitoring Committee, which meets on Tuesday and can recommend policy steps to OPEC+.
