“OPEC +” cuts its forecast for oil demand growth

Two sources said that the joint technical committee of “OPEC +” reduced its estimates for the growth of global demand for oil this year to 5.7 million barrels per day from 5.8 million, amid the continued strong recovery of consumption since its collapse in 2020.
One of the sources said that the Joint Technical Committee, which met on Thursday, kept its forecast for demand over the next year at 4.2 million barrels per day.The source added that the revision of growth estimates in 2021 is “no cause for concern” because it serves as an update to the data.

Ministers of the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, the alliance known as OPEC+, meet on November 4 to decide on production policies.

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