OPEC cuts 2021 oil demand outlook again as pandemic impact lingers

LONDON (Reuters) – Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market.

Demand will rise by 5.90 million barrels per day (bpd) next year to 95.89 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report. The growth forecast is 350,000 bpd less than expected a month ago.

The group has steadily lowered its 2021 demand growth forecast in recent months.