OPEC lowered its world oil demand forecast for 2021 on Thursday, citing weaker demand in major consumers China and India, and an expected hit from high energy prices.
PARIS - "Revisions were mainly to account for slower than anticipated demand from China and India" in the third quarter, the report said.
"In addition, a slowdown in the pace of recovery in 4Q21 is now assumed due to elevated energy prices," it said. China's economy slowed more than expected in the third quarter as a crackdown on the property sector and a looming energy crisis began to bite. OPEC's report said India's recovery was "still challenged by the lingering effects of the recent Covid-19 wave".
OPEC expects world oil demand to rise to 100.6 million barrels per day in 2022, 500,000 more barrels per days than before the pandemic in 2019.
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