OPEC raised its estimate of 2021 global oil demand from last month, saying growth especially for industrial fuels in the second half will be led by positive economic developments supported by “massive stimulus programs.” Receive daily email alerts, subscriber notes & personalize your experience. Register Now Demand will average 96.1 million b/d this year, up from 95.91 million b/d forecast last month, OPEC said Feb. 11 in its closely watched monthly market report. The estimated increase of 5.8 million b/d over 2020 was revised down by about 100,000 b/d as H1 projections were lowered due to extended and partially re-introduced lockdowns because of the pandemic. Demand fell 9.7 million b/d in 2020. OECD commercial oil inventories in December declined to 3.068 billion barrels, or 143.4 […]