OPEC cut forecasts for oil demand again as the group and its allies prepare to weigh up whether they can continue gradually restoring halted supplies. The Organization of Petroleum Exporting Countries reduced projections for global fuel consumption in the first quarter of 2021 by 1 million barrels a day, it said in a monthly report. Demand will increase by just 500,000 barrels from that quarter — the same amount the cartel and its partners agreed they’ll add in January. The 23-nation OPEC+ coalition led by Saudi Arabia and Russia will meet on Jan. 4 to consider whether they can press on with further monthly increases. “Uncertainties remain high, mainly surrounding the development of the Covid-19 pandemic and rollout of vaccines, as well as the structural impact of Covid-19 on consumer behaviors, predominantly in transportation sector,” OPEC’s Vienna-based secretariat said in the report. By cutting vast amounts of production to […]