OPEC Report Reflects Negative Sentiment In Oil Markets

OPEC has again revised down world oil demand in 2021, according to the cartel’s latest Monthly Oil Market Report, and combined with OPEC’s consistent production quota laggards and rising U.S. production, the market is none too satisfied.  OPEC cited lower economic growth in Organisation for Economic Co-operation and Development (OECD) member countries and non-OECD countries as the primary basis for lowering total world oil demand by 0.08 million bpd in 2021, to reach 96.84 million bpd.   This compares to OPEC’s…