OPEC + maintains oil demand forecast, but worries about COVID outbreak – sources

The logo of the Organization of the Petroleum Exporting Countries (OPEC) can be found in front of its headquarters ahead of the OPEC and NON-OPEC meeting in Austria on December 6, 2019. REUTERS / Leonhard Foeger / File Photo

Register now for FREE and unlimited access to Reuters.com

Register now

LONDON, April 26 (Reuters) – The OPEC + Joint Technical Committee (JTC) has maintained its forecast for growth in global oil demand this year, but is concerned about the surge in COVID-19 cases in India and elsewhere, said three sources from the Reuters producer group.

In its latest monthly oil market report, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand growth from 70,000 barrels per day (bpd) to 5.95 million bpd . Read more

“Demand growth is still 6 million bpd for 2021,” one of the sources said.

Register now for FREE and unlimited access to Reuters.com

Register now

The JTC meeting also expressed concern over the increase in COVID-19 cases in India, Japan and Brazil, the sources added.

Oil prices fell on Monday over fears that rising COVID-19 infections in India could wipe out demand for fuel from the world’s third-largest oil importer.

India, which set a world record for daily COVID-19 cases, on Monday ordered its armed forces to fight the surge in new infections that are plaguing hospitals. Read more

The JTC generally examines market fundamentals and monitors compliance with the group’s oil production cuts.

Compliance levels for March were calculated at 113%, unchanged from February levels, OPEC + sources told Reuters last week. Read more

Register now for FREE and unlimited access to Reuters.com

Register now

Reporting by Ahmad Ghaddar; Editing by Susan Fenton

Our standards: Thomson Reuters Trust Principles.


Source link

Felix J. Dixon