Highlights US production outlook downgraded on Texas freeze Call on OPEC crude raised to 27.65 mil b/d OPEC upgrades global GDP growth to 5.5% London — The February deep freeze in Texas will give OPEC a bit more room to expand market share in 2021, according to the bloc’s latest oil forecast. OPEC’s analysts kept their global oil demand outlook for the year unchanged but downgraded their projection of non-OPEC liquids supply by 230,000 b/d due to the vast US well shut-ins during the winter ice storm. As a result, the call on OPEC crude — the volume needed from the organization to balance global demand and supply — will rise to 27.65 million b/d in 2021, it said in its closely watched monthly oil market report released May 11. That compares to the group’s 25.08 million […]