OPEC slightly lowers 2021 outlook for oil demand

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The Organization of the Petroleum Exporting Countries on Tuesday left its outlook for 2020 oil demand relatively unchanged, penciling in a decline of 9.5 million barrels a day. For 2021, OPEC, in its monthly report, said revised demand lower by 80,000 barrels a day, forecasting growth of 6.5 million barrels a day, with the cut largely reflecting a lower growth outlook for both developed and emerging market regions compared to the September forecast. On the supply side, OPEC revised up its forecast for 2020 output by 310,000 barrels a day, due largely to a stronger-than-expected recovery in U.S. liquids production. Oil futures were higher Tuesday morning, with the U.S. benchmark 1.5% at $40.04 a barrel on the New York Mercantile Exchange.
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