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.
The Organization of the Petroleum Exporting Countries expected demand to rise by 5.95 million barrels per day (bpd) this year, or 6.6%, its forecast unchanged from last month.
The oil organisation, however, cut its demand forecast for the second quarter by 300,000 bpd.
Prices have risen to pre-pandemic highs above $71 this year, boosted by hopes of economic recovery and OPEC+ cuts, although concern about Indian demand has weighed.
OPEC and its allies, known as OPEC+, agreed in April to gradually ease oil output cuts from May, after the new U.S. administration called on Saudi Arabia to keep energy affordable for consumers.
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