OPEC cuts forecast for 2021 growth in oil demand

The Organization of the Petroleum Exporting Countries, or OPEC, on Monday cut its forecast for 2021 growth in oil demand, citing “uncertainty
surrounding the impact of COVID-19 and the labor market” on the outlook for transportation fuel in developed economies during the first half of next year. OPEC cut its forecast for world oil-demand growth to 5.9 million barrels a day, down 350,000 barrels a day from its previous projection. In its monthly report, OPEC pegged 2020 oil demand at 89.99 million barrels a day, a decline of 9.77 million barrels a day from 2019 and slightly below its previous estimate. Oil futures trimmed earlier gains but remained higher. February Brent crude BRN00, +0.08%, the global benchmark, was up 17 cents, or 0.3%, at $50.14 a barrel on ICE Futures Europe. January West Texas Intermediate crude CL.1, +0.06%, the U.S. benchmark was 13 cents higher, up 0.3%, at $46.70 a barrel on the New York Mercantile Exchange.

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