OPEC+ expects oil demand to increase by 6 million barrels per day in 2021

Sinopec News Network reported on May 31, according to the oil price network, two OPEC + sources told Reuters that OPEC + Joint Technical Committee (JTC) at the meeting on Monday to maintain this year's global oil daily demand growth of about 6 million barrels expected.

OPEC itself stated in its May monthly oil market report that despite India’s epidemic crisis, it is optimistic that accelerated vaccination plans and growing fuel demand will increase global oil demand by 5.

OPEC+ representatives and 24 analysts told Bloomberg News last week that at tomorrow’s meeting, OPEC+ Group is expected to confirm the May-July plan and relax the July 840,000 barrels/day oil production reduction plan.

OPEC+ total oil production will increase by 350,000 barrels/day in May and June, and 400,000 barrels/day in July.

Overall, it is expected that by July, OPEC+ will return to the market, with production reaching 2.

Cao Haibin excerpted and translated from the oil price network

The original text is as follows:

OPEC+ Still Sees Oil Demand Growing By 6 Million Bpd In 2021

The Joint Technical Committee (JTC) of the OPEC+ group maintained at a meeting on Monday its outlook for global oil demand growth at around 6 million barrels per day (bpd) this year, two OPEC+ sources told Reuters.

OPEC itself said in its Monthly Oil Market Report in May that it was optimistic that accelerating vaccination programs and rising fuel demand would raise global oil demand by 5.

　　At tomorrow's meeting, the OPEC+ group is expected to confirm its May-July plan to ease the oil production cuts by the planned 840,000 bpd in July, OPEC+ delegates and two dozen analysts told Bloomberg News last week.

　　The collective OPEC+ oil production is set to rise by 350,000 bpd in both May and June and by more than 400,000 bpd in July.

　　Overall, OPEC+ is expected to return to the market as much as 2.