OPEC+ Panel Revises Down Oil-Demand Estimate Before Meeting

The group meets on Thursday to decide production level for May
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By Grant Smith, Salma El Wardany, and Javier Blas

March 30, 2021 at 4:08 PM UTC

Updated on

March 31, 2021 at 7:05 AM UTC

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A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021, signaling a more negative view of the market just days before the group decides on production policy.

The OPEC+ Joint Technical Committee now estimates that global oil demand will expand by 5.6 million barrels a day this year, down from 5.9 million previously, according to delegates and documents seen by Bloomberg.