AGL 38.41 Decreased By ▼ -0.07 (-0.18%)
AIRLINK 202.30 Decreased By ▼ -0.72 (-0.35%)
BOP 10.03 Decreased By ▼ -0.14 (-1.38%)
CNERGY 6.40 Decreased By ▼ -0.14 (-2.14%)
DCL 9.48 Decreased By ▼ -0.10 (-1.04%)
DFML 39.50 Decreased By ▼ -0.52 (-1.3%)
DGKC 98.50 Increased By ▲ 0.42 (0.43%)
FCCL 35.20 Increased By ▲ 0.24 (0.69%)
FFBL 87.00 Increased By ▲ 0.57 (0.66%)
FFL 13.73 Decreased By ▼ -0.17 (-1.22%)
HUBC 130.00 Decreased By ▼ -1.57 (-1.19%)
HUMNL 13.95 Decreased By ▼ -0.07 (-0.5%)
KEL 5.50 Decreased By ▼ -0.11 (-1.96%)
KOSM 7.40 Increased By ▲ 0.13 (1.79%)
MLCF 46.10 Increased By ▲ 0.51 (1.12%)
NBP 61.15 Decreased By ▼ -5.23 (-7.88%)
OGDC 220.00 Decreased By ▼ -0.76 (-0.34%)
PAEL 39.10 Increased By ▲ 0.62 (1.61%)
PIBTL 8.65 Decreased By ▼ -0.26 (-2.92%)
PPL 195.01 Decreased By ▼ -2.87 (-1.45%)
PRL 39.00 Decreased By ▼ -0.03 (-0.08%)
PTC 25.50 Increased By ▲ 0.03 (0.12%)
SEARL 105.25 Increased By ▲ 2.20 (2.13%)
TELE 8.79 Decreased By ▼ -0.23 (-2.55%)
TOMCL 36.10 Decreased By ▼ -0.31 (-0.85%)
TPLP 13.82 Increased By ▲ 0.07 (0.51%)
TREET 24.70 Decreased By ▼ -0.42 (-1.67%)
TRG 57.72 Decreased By ▼ -0.32 (-0.55%)
UNITY 33.35 Decreased By ▼ -0.32 (-0.95%)
WTL 1.67 Decreased By ▼ -0.04 (-2.34%)
BR100 11,878 Decreased By -12.4 (-0.1%)
BR30 37,146 Decreased By -210.2 (-0.56%)
KSE100 110,466 Decreased By -604.8 (-0.54%)
KSE30 34,711 Decreased By -198.3 (-0.57%)
Business & Finance

OPEC+ keeps oil demand forecast, but worried by COVID surge

  • In its most recent monthly oil market report, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand growth by 70,000 barrels per day (bpd) to 5.95 million bpd.
  • The JTC meeting also expressed concern about rising COVID-19 cases in India, Japan and Brazil, the sources added.
Published April 26, 2021

LONDON: The OPEC+ joint technical committee (JTC) has kept its forecast for growth in global oil demand this year, but is concerned about surging COVID-19 cases in India and elsewhere, three sources from the producer group told Reuters.

In its most recent monthly oil market report, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand growth by 70,000 barrels per day (bpd) to 5.95 million bpd.

"Demand growth is still at 6 million bpd for 2021," one of the sources said.

The JTC meeting also expressed concern about rising COVID-19 cases in India, Japan and Brazil, the sources added.

Oil prices fell on Monday on fears that rising COVID-19 infections in India will dent fuel demand in the world's third-biggest oil importer.

India, which has set a world record in daily COVID-19 cases, ordered its armed forces on Monday to help tackle surging new infections that are overwhelming hospitals.

The JTC usually reviews market fundamentals and monitors compliance with the group's oil production cuts.

Compliance levels for March were calculated at 113%, unchanged from levels in February, OPEC+ sources told Reuters last week.

Comments

Comments are closed.