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OPEC+ Panel Revises Down Oil-Demand Estimate Before Meeting

  • The group meets on Thursday to decide production level for May
  • OPEC’s top official spoke of need to remain very cautious
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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.