OPEC stuck to its forecast that in 2021 oil demand
would rebound by 7 million bpd but said the view was subject to large uncertainties that may result in "a negative impact on petroleum consumption," such as demand for air travel, more fuel-efficient cars and more competition from other fuels.
"Almost all forecasters expect jet fuel in 2021 to struggle making up for lost demand," OPEC said. "Gasoline demand will face pressure to return to 2019 levels."
To tackle the drop in demand, OPEC and its allies, known as OPEC+, agreed to a record supply cut of 9.7 million bpd that started on May 1, while the United States and other nations said they would pump less.
In the report, OPEC said its output rose by 980,000 bpd to 23.17 million bpd in July, largely because Saudi Arabia and other Gulf members ended extra voluntary cuts they had made in June.
That amounted to 97 per cent compliance with the pledges, according to a Reuters calculation - lower than June's figure of well above 100 per cent.
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