OPEC has again revised down world oil demand in 2021, according to the cartel’s latest Monthly Oil Market Report, and combined with OPEC’s consistent production quota laggards and rising U.S. production, the market is none too satisfied. OPEC cited lower economic growth in Organisation for Economic Co-operation and Development (OECD) member countries and non-OECD countries as the primary basis for lowering total world oil demand by 0.08 million bpd in 2021, to reach 96.84 million bpd. This compares to OPEC’s estimate of 90.29 million bpd for world oil demand this year. All in all, OPEC now sees world oil demand recouping 6.5 million bpd next year from this year. However, the 2021 demand figure is still below 2019’s 99.76 million bpd, according to OPEC data. At the same time, OPEC cited that its non-OPEC liquids supply forecast for this year is revised up by 0.31 million bpd, compared to […]