OPEC leaves 2021 forecast for oil-demand growth unchanged

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The Organization of the Petroleum Exporting Countries, or OPEC, on Thursday left its forecast for oil demand to grow to 95.9 million barrels a day in 2021, a rise of 5.9 million barrels a day. That’s a partial rebound from the 9.8 million barrel a day decline in demand due to the COVID-19 pandemic last year. On the supply side, OPEC left its estimate of 2020 non-OPEC liquids production largely unchanged from its previous forecast at 62.7 million barrels a day, down 2.5 million barrels a day from 2019. Its forecast for 2021 non-OPEC output was also relatively unchanged, calling for an increase of 800,000 barrels a day. Oil futures remained lower, with West Texas Intermediate crude for February delivery was down 19 cents, or 0.4%, at $52.72 a barrel on the New York Mercantile Exchange.
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