In its monthly report published on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) announced that it lowered the 2021 oil demand growth forecast to 5.82 million barrels per day (bpd) from 5.96 million bpd, per Reuters.

Additional takeaways

"OPEC keeps 2022 oil demand growth unchanged at 4.15 million bpd."

"OPEC sees rise in natural gas and thermal coal prices encouraging increased gas-to-oil switching."

"OPEC raises estimated demand for its crude in 2022 by 100,000 bpd to 28.8 million bpd."

"OPEC says its output rose 490,000 bpd to 27.33 million bpd in September."

Market reaction

Crude oil prices showed no immediate reaction to this report and the barrel of West Texas Intermediate was last seen trading at $80.10, where it was down 0.55% on a daily basis.