World oil demand growth revised by some 0.16 mn bpd: OPEC

OPEC on Thursday revised the world oil demand growth forecast and lowered it by some 0.16 million barrels per compared to October's assessment and it now stands at 5.7 million barrels per day.

"World oil demand growth is revised lower by around 0.16 mb/d, compared to last month's assessment, to stand at 5.7 mb/d. Revisions were mainly to account for slower than anticipated demand from China and India in 3Q21. Global oil demand is now estimated to reach 96.4 mb/d in 2021," OPEC said in a report

For 2022, growth in global oil demand remains unchanged compared to the previous month's assessment, to stand at 4.2 mb/d. World total demand in 2022 is now estimated to reach 100.6 mb/d, around 0.5 mb/d above 2019 levels," it added.