OPEC expects stronger deficit in oil market this year

OPEC forecasts a stronger deficit in the oil market in 2021 than the forecasts in April, Report informs, citing the Bloomberg agency, which refers to the internal documents of the alliance.

The oil demand exceeded the offer for an average of 1.4 million barrels daily this year, while the forecasted figure was 1.2 billion barrels last month.

Meanwhile, OPEC keeps the forecast for the global oil demand growth in 2021 without any changes and expects the daily growth at 6 million barrels. The alliance also reduces the production outlook for non-OPEC states.

The OPEC outlook also presumes a sharp decrease in stocks by more than 2 million barrels daily each month from September to December. Moreover, the decline in supplies to the level below average indicators of July 2015-2019 is expected in July.

These outlooks will be presented at the session of the technical committee of OPEC+ experts due on Monday, May 31.