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OPEC raises 2021 oil demand growth prediction on hope pandemic wanes

OPEC raises 2021 oil demand growth prediction on hope pandemic wanes

Vienna, Apr 15 (Prensa Latina) The Organization of Petroleum Exporting Countries (OPEC) raised its prediction for growth of the world oil demand this year on expectations that the pandemic will subside, providing help for the group and its allies in their efforts to support the market.
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Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6 percent, the OPEC predicted in its monthly report. That is up 70,000 bpd from last month.

The upward revision marks a change of tone from previous months, in which the OPEC had lowered predictions due to continued lock-downs. A further recovery could bolster the case for OPEC and its allies, known as OPEC+, to unwind more of last year’s record oil output cuts.

‘As the spread and intensity of the COVID-19 pandemic are expected to subside with the ongoing roll-out of vaccination programs, social distancing requirements and travel restrictions are likely to be scaled back, providing increased mobility,’ the OPEC said in the report.

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