OPEC pins oil demand hopes on second-half recovery as India dents Q2 – Reuters

OPEC pins oil demand hopes on second-half recovery as India dents Q2 – Reuters

OPEC on Tuesday stuck to its prediction of a strong recovery in world oil demand in 2021 as growth in China and the United States counters the coronavirus crisis in India, an outlook that bolsters the group's plan to gradually ease output cuts.

In a monthly report, the Organization of the Petroleum Exporting Countries said demand will rise by 5.95 million barrels per day (bpd) this year, or 6.6%. The forecast was unchanged from last month.

The report's optimism comes even as it warns of "significant uncertainties," mainly around the pandemic, and as concern about India weighs on oil prices. Crude fell after the report was released but is still up 30% this year at near $68 a barrel.