OPEC+ Joint Technical Committee (JTC) met on Tuesday and said it expects global oil demand to rise by 5.6 million barrels per day (bpd) this year compared to 2020.
- This is below the estimated growth in OPEC's assessment of 5.9-million-bpd demand increase from less than three weeks ago.
- On the production side, JTC's panel found that total oil production from all OPEC+ members exceeded the required quotas by 72,000 bpd in December
Meetings continue today, the Joint Ministerial Monitoring Committee (JMMC). OPEC+ quotas are already set for February and March so there is no expectation of any important changes in the production agreement.
