# OPEC cuts global oil demand estimates ahead of production decision

> An OPEC+ expert panel cut its 2021 global oil demand growth estimate to 5.6 million bpd from 5.9 million bpd, with the largest reduction from April to June. The panel flagged rising Covid-19 infections and renewed lockdowns ahead of the production decision.

- Date: 2021-03-31 · published 2021-03-31T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/48043-opec-cuts-global-oil-demand-estimates-ahead-of-production-decision
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A lower demand outlook suggests less need for restored output, which weighs on crude prices and points to softer energy costs for feed producers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-11-14 | [OPEC Cuts Oil Demand Outlook as It Starts to Curb Production - Bloomberg](https://feedsoft.ai/events/38586-opec-cuts-oil-demand-outlook-as-it-starts-to-curb-production-bloomberg.md) | -10.1% | -18.0% |
| WTI | 2025-04-14 | [OPEC cuts global oil demand growth forecasts, citing US tariffs](https://feedsoft.ai/events/25325-opec-cuts-global-oil-demand-growth-forecasts-citing-us-tariffs.md) | +2.5% | +1.8% |
| WTI | 2025-06-10 | [Crude price fall to continue in 2025-26 as global production outpaces demand: US EIA](https://feedsoft.ai/events/24394-crude-price-fall-to-continue-in-2025-26-as-global-production-outpaces-demand-us.md) | +9.9% | +5.1% |
| WTI | 2017-11-29 | [Oil supply outages fall as OPEC decides on extension of production restraint agreement Report \| Wood Mackenzie](https://feedsoft.ai/events/67894-oil-supply-outages-fall-as-opec-decides-on-extension-of-production-restraint.md) | -0.6% | +2.9% |
| WTI | 2018-07-30 | [OPEC Oil Production Hits 2018 High In July \| OilPrice.com](https://feedsoft.ai/events/63954-opec-oil-production-hits-2018-high-in-july-oilprice-com.md) | -0.3% | +1.0% |
| BRENT | 2022-11-14 | [OPEC Cuts Oil Demand Outlook as It Starts to Curb Production - Bloomberg](https://feedsoft.ai/events/38586-opec-cuts-oil-demand-outlook-as-it-starts-to-curb-production-bloomberg.md) | -8.2% | -20.7% |
| BRENT | 2025-04-14 | [OPEC cuts global oil demand growth forecasts, citing US tariffs](https://feedsoft.ai/events/25325-opec-cuts-global-oil-demand-growth-forecasts-citing-us-tariffs.md) | +3.0% | -1.0% |
| BRENT | 2025-06-10 | [Crude price fall to continue in 2025-26 as global production outpaces demand: US EIA](https://feedsoft.ai/events/24394-crude-price-fall-to-continue-in-2025-26-as-global-production-outpaces-demand-us.md) | +9.2% | +4.2% |

## Sources

- worldoil.com: https://worldoil.com/news/2021/3/31/opec-cuts-global-oil-demand-estimates-ahead-of-production-decision/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.