OPEC expects oil demand to rise by 5.8 million barrels per day (bpd) this year, down by around 100,000 bpd from last month’s projection due to lockdowns in major developed economies in the first half of this year, the cartel said on Thursday. “Extended lockdowns and the re-introduction of partial lockdowns in a number of countries has resulted in downward revisions to 1H21 projections,” OPEC said in its February Oil Market Report (MOMR). In the January report, OPEC expected demand to rise by 5.9 million bpd in 2021 from an estimated average demand of 90 million bpd in 2020, leaving its 2021 demand growth forecast unchanged from December but warning that the pandemic was still skewing risks to the downside. The organization now expects healthy demand in the second half of 2021, driven by growing economies and massive stimulus programs. OPEC’s view for the latter half of this year […]