OPEC+ has lowered its 2021 oil demand growth forecast and maintained its forecast for the next year.
The global consumption rate of oil will reach 100.8 million barrels per day by next year 2022, OPEC+ said Wednesday in its monthly report.
It said that the increase in natural gas prices may support the demand for oil products as the end user shifts towards them.
According to the report, the demand for oil will be 5.82 million barrels per day, compared to 5.96 million barrels per day in its previous forecast.
OPEC+ maintained its forecast for demand growth of 4.2 million barrels per day next year.