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Energy International improves its outlook for non-OPEC + oil production
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In its report for the month of May, the International Energy Agency improved its forecast on oil production outside the OPEC + deal for 2021, with an increase of 620,000 barrels per day.
"In general, non-OPEC + production in 2021 will increase by 620,000 barrels per day on an annual basis, partly offsetting losses in 2020 by 1.3 million barrels per day," the agency’s report said.
The International Energy Agency's forecast for production growth in these countries in 2021 was 0.61 million barrels per day.
The International Energy Agency has also lowered the outlook for global oil demand in 2021 and is now expecting it to grow by 5.4 million barrels per day, according to the organization's report.
"Global demand for oil is expected to grow by 5.4 million barrels per day in 2021 from 2020 levels, which is 270,000 barrels per day less than our previous report," the May report said. In the April forecast, demand was expected to grow by 5.7 million barrels per day, in March - by 5.5 million.
It should be noted that the lowering of expectations is due to weaker oil consumption in the United States and Europe in the first quarter of 2021 than expected; In addition to the deterioration of demand expectations in India due to the recent rise in "Covid-19" cases.
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