OPEC+ Technical Committee Keeps Oil Demand Growth Forecast Unchanged

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The global crude oil demand will grow by 6 mln barrels daily in 2021. The forecast is kept unchanged as compared to the April estimate, according to the final report of the OPEC+ Joint Technical Committee (JTC), with its copy seen by TASS.
Committee experts had a videoconference meeting today.
The global oil demand will grow to 96.5 mln barrels daily in 2021 from 90.5 mln barrels per day in 2020, according to the base case scenario presented in the report. The market balance will at the same time move towards the shortage of 1.4 mln barrels per year in average over the year.
The alternative scenario contemplates that the oil market recovery will be slower. Nevertheless, the market will experience shortage of 0.3 mln barrels daily in average over the year in this case.
The report will be the basis for conclusions of the OPEC+ Joint Ministerial Monitoring Committee scheduled to meet on June 1.