The safe-haven dollar is gaining ground amid fears of inflation. Latest average road fuel sales and stock levels table published. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. The International Energy Agency (IEA) says that oil demand recovery will be slower in 2021 than previously thought. This website uses cookies. Boom Bust finds out, We’re all going to be trillionaires because US dollar has no bottom & bitcoin has no top – Max Keiser, Economies should work for everyone, not just the rich few – Putin, Occupy Wall Street 2.0: ‘This time, activists intend to DESTROY the system from within’ – Max Keiser explains GameStop frenzy, Central banks do not have the physical gold they pretend to have, fund manager tells Keiser Report, Global food prices soar to 6-year high, UN agency says. Currently, the organization expects total oil demand to reach 96.3 million bpd, with most consumption appearing in the second half of the year. The Organization of the Petroleum Exporting Countries on Tuesday left its forecast for world oil-demand growth in 2021 unchanged at 6 million barrels a day, for an average of 96.5 million barrels a day. It also does not guarantee that this information is of a timely nature. Crude oil prices showed no immediate reaction to this report and the barrel of West Texas Intermediate (WTI) was last seen losing 0.82% on the day at $64.33. "OPEC oil output rose by 30,000 bpd in April to 25.08 million bpd as higher Iran supply offsets cuts mainly in Libya, Venezuela." The global economy and oil markets are recovering from the historic collapse in demand caused by the coronavirus (Covid-19) pandemic in 2020. 27 Apr 2021 OPEC and its allies will proceed with plans to gently revive oil production as global demand recovers from the pandemic, despite surging infections in India. That is up 70,000 bpd from last month. Friday's rally stalled at the convergence of the 9 and 21-day resistance. What are the real dangers of artificial intelligence? The monthly outlook is critical which makes the next few weeks testing for the gold market. OPEC maintained its optimistic outlook for oil demand in a monthly report on Tuesday, saying that consumption will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6% YoY. Monday sees the resistance work well and so the Nasdaq sells off and currently finds support at the lower trendline seen in the chart below. The cartel is much more bullish about the second half of the year, and raised its estimates for Q3 and Q4 demand, "reflecting expectations for a stronger economic recovery with the positive impact of vaccination rollouts.”. Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. April 29, 2021, 7:56 PM EDT Updated on April 30, 2021, 3:23 PM EDT Wall Street, OPEC+ see strong demand outlook later this year WTI rises 2.3% this week, extending April’s rally to 7.5% For 2021, world oil demand is expected to increase by nearly 6.0 million b/d from 2020, or 7%, to average 96.5 million b/d. May 12, 2021 5:16 PM. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. ", "OPEC oil output rose by 30,000 bpd in April to 25.08 million bpd as higher Iran supply offsets cuts mainly in Libya, Venezuela. In its monthly report, the organization said it revised down its forecast for non-OPEC liquids supply for 2021 by 200,000 barrels a day from last month's assessment. Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6%, the Organization of the Petroleum Exporting Countries forecast in its monthly report. For the fourth quarter, global oil demand is expected at 98.91 million bpd, up by nearly 1 million bpd – 970,000 bpd – compared to the estimate in February. "OPEC cuts Q2 2021 world oil demand forecast by 300,000 bpd; raises Q3 and Q4 forecasts. For the fourth quarter, global oil demand is expected at 98.91 million bpd, up by nearly 1 million bpd – 970,000 bpd – compared to the estimate in February. RT's Boom Bust explores... India on track to have its largest wheat harvest ever, Short and sweet: Musk sends eggplant emoji in response to Peter Schiff’s Twitter jab over bitcoin, China announces MASSIVE oil & gas discovery in Bohai Sea, Iran and Venezuela swap jet fuel & gasoline cargoes. Earlier this week, Rystad Energy released its latest forecast showing a 6% year on year increase in oil demand for 2021. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Gold is in the hands of the bulls but a correction is on the cards. Demand for OPEC crude in 2021 revised up Oil&Gas 17:31. World oil demand is set to grow by 5.4 mb/d in 2021 to reach 96.4 mb/d, recovering around 60% of the volume lost to the pandemic in 2020. “However, this year’s demand growth will not be able to compensate for the major shortfall from 2020, as mobility is forecast to remain impaired throughout 2021,” OPEC said. SHIB price has climbed by over 2,260% in the past week, as many investors missed out on the Dogecoin pump. This would be nearly 6 million bpd higher than the demand … In hindsight, the OPEC+ group’s decision from last week not to lift collective crude oil production from April, leaving only small exemptions to Russia and Kazakhstan, seems not so surprising after all, as the cartel sees now oil demand in the first and second quarters of 2021 lower than in last month’s assessment. The high degree of leverage can work against you as well as for you. You should do your own thorough research before making any investment decisions. All rights reserved. In 2022, US oil demand is expected to climb to 20 million b/d. World oil demand is set to average 96.5 million bpd in 2021, OPEC said in its closely-watched Monthly Oil Market Report (MOMR) today. Turkish export of electrical goods to Azerbaijan drops Turkey 17:29. While oil demand is expected to fall by 1 mb/d in 1Q21 from already low 4Q20 levels, a more favourable economic outlook underpins stronger demand in … The use of this website constitutes acceptance of our user agreement. BOE Governor Andrew Bailey is set to speak later on. The 13-member group said it expected global oil demand in 2021 to increase by 5.9 million barrels per day year on year to average 95.9 million barrels per … UK PM Johnson's announcement of additional easing of restrictions boosted the pound on Monday. Robots start delivering restaurant meals in Moscow (PHOTOS, VIDEOS), Will staff ‘dog collars’ that buzz be the new workplace accessory in coronavirus era? Subscribe to RT newsletter to get stories the mainstream media won’t tell you, Saudis vow to protect oil facilities & global supply after latest attacks, Oil prices rally after OPEC+ leaves output cuts unchanged, Deutsche Bank deploys an army of robots to replace 18,000 workers, Size of America’s permanent underclass grows as Fed continues printing trillions for its ‘overlords’ – bitcoin pioneer Max Keiser, Russia supplies first shipment of Arctic oil to China, Covid pandemic could push more than a BILLION people worldwide into extreme poverty, UN warns, China turns on nuclear-powered ‘artificial sun’, TEN TIMES hotter than the real thing, Your order, Sir! Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. ", "India will face a negative economic recovery impact in Q2 but it is expected to continue improving its momentum in the second half. Note: All information on this page is subject to change. Information on these pages contains forward-looking statements that involve risks and uncertainties. In the third quarter, OPEC now sees demand at 97.43 million bpd, up by 400,000 bpd compared to last month’s assessment. The Nasdaq is trading nicely from resistance to support. The monthly data focuses on production, trade, demand and stocks of primary oil and petroleum products. ... (AP pic) PARIS: Oil demand dropped last month as the coronavirus surged in India and elsewhere, the IEA (International Energy Agency) said … Total oil demand in the US is now forecast to average at 19.4 million b/d in 2021, an 8% increase from 18.1 million b/d last year. EUR/USD rises above 1.2150 amid upbeat German data, GBP/USD trades off the highs amid risk-off mood, ahead of Bailey, XAU/USD remains confined in a range below $1,840 level, SHIB price skyrockets as Binance Lists Dogecoin rival Shiba Inu, Nasdaq (NDX QQQ) Technical view, key chart levels, Nasdaq tests trendline support. © Autonomous Nonprofit Organization “TV-Novosti”, 2005–2021. The base assumption for OPEC’s bullish view for H2 is that by the beginning of the second half of 2021, “the pandemic will largely be contained with the majority of the population in western economies vaccinated, with COVID-19 not posing a major obstacle for emerging and developing economies.”. ", "OPEC raises 2021 forecast for global demand for its crude by 200,000 bpd to 27.7 million bpd.". For the full year, OPEC expects oil demand to grow by 5.9 million bpd, up by 100,000 bpd compared with last month’s forecast. Despite the delay in vaccine rollouts in both the European Union (EU) and developing countries, and the reduced effectiveness of some vaccines against new variants, the latest KAPSARC Oil Market Outlook for Q2 2021 (KOMO) forecasts that total global oil demand is expected to increase by 4.3 MMb/d in 2021 to 96.3 MMb/d then by 3.2 in 2022, whereas total global oil supply is expected to grow … Global oil demand is set to benefit from stronger economic recovery and vaccinations in the second half of this year, OPEC said on Thursday. OPEC expects oil inventories to drop by about 400 million barrels in 2021 in the latest supply and demand outlook being reviewed by a technical meeting on Tuesday, two OPEC+ sources said. The staggering inventory surplus that built up last year is being worked off and global oil stocks, excluding strategic reserves, will return to pre-pandemic levels … EUR/USD has been rising above 1.2150 after the German ZEW Economic Sentiment gauge beat expectations with 84.4 points. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The U.S. Energy Information Administration on Tuesday cut its 2021 world oil demand growth forecast by 80,000 barrels per day to 5.42 million bpd. ", "OPEC cuts forecast for 2021 non-OPEC oil supply growth by 230,000 bpd to 700,000 bpd, citing the impact on the US output of Texas freeze. Read RT Privacy policy to find out more. In this month’s report, OPEC cut its oil demand estimate for Q1 by 180,000 bpd, and for Q2 by 310,000 bpd compared to the February outlook. Oil Demand Is Headed for Record Rebound in 2021 IEA forecasts demand in 2021 will rebound by a record 5.7 million barrels a day FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) left its forecast for 2021 world oil demand growth unchanged at 5.95 million barrels per day (bpd), as reported by Reuters. The world’s demand for oil will fall further than expected through this year and in 2021 following a surge in new coronavirus cases, according to the International Energy Agency (IEA). Reducing its projections by 170,000 barrels per day (bpd), the Paris based agency estimates that oil demand will be 5.7 mbpd in 2021. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. Please read our privacy policy and legal disclaimer. With reports of new lockdowns across Europe, demand in the transport sector will likely take a hit. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts. ... 7 May 2021. For the full year, OPEC expects oil demand to grow by 5.9 million bpd, up by 100,000 bpd compared with last month’s forecast. WASHINGTON, May 11 (Reuters) - … “DOGE killer” Shiba Inu coin has reached a new all-time high as it rides on bullish momentum from recent crypto exchange listings. The cartel, however, revised down in its Monthly Oil Market Report (MOMR) its estimates for global oil demand for the first half of the year due to extended lockdowns in major economies in Europe and high unemployment rates in the United States slowing the recovery. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. Earlier, concerns about inflation boosted the dollar. GBP/USD is trading above 1.41 but off the fresh highs. This article was originally published on Oilprice.com. 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