Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Energy

OPEC reduces growth forecast for global oil demand for 2021

Chike Olisah by Chike Olisah
October 14, 2021
in Energy
Oil bullish ahead of OPEC+ supply decision
Share on FacebookShare on TwitterShare on Linkedin

The Organization of Petroleum Exporting Countries (OPEC) has lowered its growth forecast for global oil demand in 2021.

OPEC in its new report said that the global demand for crude oil in the current year is expected to increase by an average of 5.8 million barrels per day as against the initial forecast of a growth of 5.96 million barrels per day as suggested by OPEC experts.

According to the News Agency of Nigeria, this disclosure is contained in OPEC’s monthly report which was published on Wednesday in Vienna.

OPEC in the new report came up with the assumption that 99.82 million barrels of crude oil per day will be needed globally in the fourth quarter.

OPEC experts in their analysis of the likely reason for the possible lower growth forecast, pointed to lower consumption data than expected in the first 9 months of the year.

They said that stronger demand is not expected again until the last quarter of the year, with the experts pointing to the petrochemical industry and higher demand for heating oil.

What you should know

Recall that in June, OPEC in its monthly oil market report said that the global oil demand was expected to increase by around 6% to an average of 96.5 million barrels per day (bpd) in 2021 due to positive mobility developments on the back of easing restriction measures and border openings across the region.

The cartel had also in September revealed that the increased risk of Covid-19 cases has clouded oil demand prospects going into the final quarter, resulting in downward adjustments to fourth-quarter 2021 assessments. As a result, second-half of 2021 oil demand has been adjusted slightly lower, partially delaying the oil demand recovery into first half of 2022.

Recently, oil prices worldwide have risen sharply and have reached multi-year highest levels above the $80 dollar per barrel mark. The reasons given for the price increase are insufficient supply.

Oil has also become more expensive in the wake of a global gas crisis that has led to rising prices for natural gas. In spite of the rising oil prices, the oil states in the OPEC+ group, an alliance between OPEC and other producers led by Russia and Saudi Arabia, have agreed to raise its daily production by 400,000 barrels in November as planned.

Related

Tags: crude oilOPECOrganization of Petroleum Exporting Countries

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Access Bank
Bankers Committee
First bank


Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Airbnb to close its domestic business in China
    • Court convicts former Reps member, Chuma Nzeribe of impersonation, forgery
    • NNPC, Sahara Group invests USD300m in gas carriers to drive clean energy access in Africa

    Follow us on social media:

    Recent News

    Airbnb, HotelTonight, Sheraton, Hospitality business

    Airbnb to close its domestic business in China

    May 23, 2022
    Court convicts former Reps member, Chuma Nzeribe of impersonation, forgery

    Court convicts former Reps member, Chuma Nzeribe of impersonation, forgery

    May 23, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com