In its monthly report published on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) announced that it lowered the 2021 world oil demand growth forecast by 160,000 barrels per day (bpd) to 5.65 million bpd. OPEC cites slowing demand growth in China and India as the primary reason behind that decision, per Reuters.

Additional takeaways

"OPEC lowers Q4 2021 world oil demand forecast by 330,000 bpd to 99.49 mln bpd, citing the impact of  ‘elevated’ energy prices."

"OPEC keeps 2022 world oil demand growth forecast unchanged."

"OPEC raises forecast for 2022 US tight oil output growth to 610,000 bpd (prev. forecast 410,000 bpd); leaves total 2022 non-OPEC supply growth unchanged."

"OPEC says its oil output rose by 220,000 bpd in October to 27.45 million bpd."

"OPEC lowers 2022 forecast for global demand for its crude by 100,000 bpd to 28.70 million bpd."

Market reaction

Crude oil prices showed no immediate reaction to this report and the barrel of West Texas Intermediate was last seen losing 0.8% on the day at $80.64.