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OPEC Cuts Oil Demand Forecast For Next Year

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Crude Oil producing nations cartel OPEC has again cut world oil demand in 2021, according to the cartel’s latest Monthly Oil Market Report. OPEC cited lower economic growth in Organisation for Economic Co-operation and Development (OECD) member countries and non-OECD countries as the primary basis for lowering total world oil demand by 0.08 million bpd in 2021, to reach 96.84 million bpd compared to OPEC’s estimate of 90.29 million bpd for world oil demand this year. While the 3Q20 recovery in some economies was impressive, the near-term trend remains fragile, amid a variety of ongoing uncertainties, especially the near-term trajectory of COVID-19, OPEC said.

Oil prices were steady on Wednesday on concerns that fuel demand will continue to falter as rising coronavirus cases across Europe and in the United States, the world’s biggest oil consumer, could impede economic growth. The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report on Tuesday that oil demand in 2021 will rise by 6.54 million barrels per day (bpd) to 96.84 million bpd, 80,000 bpd less than its forecast a month ago, as a result of the economic dislocations caused by the coronavirus pandemic. OPEC and producer allies such as Russia, a group known as OPEC+, will stick to their plans to taper oil production cuts from January, Suhail al-Mazrouei, the energy minister of the United Arab Emirates said on Tuesday. On the supply side, crude oil production in the U.S. Gulf of Mexico continued to recover four days after Hurricane Delta made landfall with the amount shut falling to 44% on Tuesday from 69% on Monday.

TREND : WEAK BEARISH

Time                                      :           14/10/2020

Pivot                                     :           39.98

Technical View                     :           LONG ABOVE 40.18

Target                                   :           40.38, 40.76, 41.21, 41.83

Technical View                      :           SHORT BELOW 39.78

Target                                   :           39.58, 39.29, 38.76, 38.22

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