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OPEC keeps its 2021 forecast for global oil demand growth unchanged - CNBC

  • Sees global oil demand in 2021 to increase by 5.9 million barrels per day y-o-y to average 95.9 million barrels per day; the forecast is unchanged from last month’s assessment
  • Says its 2021 forecasts “assume a healthy recovery in economic activities including industrial production, an improving labour market and higher vehicle sales than in 2020”
  • Oil demand is anticipated to rise steadily this year supported primarily by transportation and industrial fuels
  • Кeports that world oil demand growth in 2020 declined by 9.8 million barrels per day y-o-y to average 90 million barrels per day, adding that fall was marginally less than expected in December
  • Warns that uncertainties over impact of coronavirus pandemic remain high
  • Says quicker vaccination plans and recovery in consumer confidence provide some upside optimism

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