Spare capacity could be exhausted

Spare capacity could be exhausted

Postby Fraser921 » Mon May 17, 2021 11:41 pm

Spare capacity could be exhausted in under 12 months if OPEC’s new global demand and supply estimates come true in 2021.
In its latest monthly Oil Market Report (MOMR), OPEC forecasts 2021 demand growth to average 6 MMBbl/d. OPEC also raised its expected demand for its crude, known as the “call on OPEC” coinciding with a lower forecast for non-OPEC supply growth, now at 0.7 MMBbl/d for 2021. The call on OPEC has continued to climb as the group has become more bullish on demand.
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