OPEC maintains stable forecast for global oil demand growth – WORLD

OPEC maintains a stable forecast for the growth of global oil demandThe Organization of the Petroleum Exporting Countries (OPEC) has kept its growth forecast for global oil demand for this year unchanged.According to OPEC’s monthly report on the oil market, global oil demand is expected to reach 101 million 900 thousand barrels per day, up 2 million 320 barrels per day compared to last year. from 90,000 bpd to 55,670,000 bpd The forecast for oil demand growth in the OECD region has been revised down for the first and second quarters of the year due to an expected slowdown in economic activity in OECD Americas and OECD Europe. non-CIS oil demand growth was revised upwards due to the recovery in economic activity after the lifting of restrictions due to COVID-19 in China and the expected improvement in oil demand in Russia, states that it is subject to many uncertainties.“World oil supplies increased in February”According to the report, world oil supplies rose to about 101 million 900 thousand barrels per day, which is 600 thousand barrels per day more than in the previous month and was 2 million 800 thousand barrels higher than last year. The group’s crude oil production increased by 117,000 barrels in February compared to the previous month, by about 28,920,000 barrels. Thus, the share of OPEC in world oil production was fixed at 28.4 percent; during this period, crude oil production in OPEC increased most in Nigeria. Angola, on the other hand, was the country where crude oil production declined the most. While daily production in Nigeria increased by 72,000 barrels compared to the previous month, in Angola it decreased by 52,000 barrels, over the same period, daily oil production in non-OPEC countries increased by 500,000 barrels and amounted to approximately 73 million barrels. .

Random Post

Leave a reply