OPEC lowers 2021 oil demand growth expectation to 5.6 mln bpd from 5.9 mln bpd - Reuters reports, citing an internal OPEC document

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2 February 2021

OPEC lowers 2021 oil demand growth expectation to 5.6 mln bpd from 5.9 mln bpd - Reuters reports, citing an internal OPEC document

Under the base case scenario, OPEC+ sees global oil demand at 97.9 mln bpd in December 2021
Oil market deficit is expected to reach a peak of 2 mln bpd in May
Oil stocks are seen dropping in every month of 2021, falling by total of 406 mln barrels in 2021
Under the alternate, lower demand scenario, market is seen to flip into 600,000 bpd surplus in April 2021 and 100,000 bpd surplus in December 2021

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