The OPEC+ joint technical committee has kept its forecast for growth in global oil demand this year, but is concerned about surging COVID-19 cases in India and elsewhere, three sources from the producer group told Reuters.

In its most recent monthly oil market report, OPEC raised its forecast for global oil demand growth by 70,000 bbl/d to 5.95 million bbl/d.

“Demand growth is still at 6 million bbl/d for 2021,” one of the sources said.

The joint technical committee meeting also expressed concern about rising COVID-19 cases in India, Japan and Brazil, the sources added.


What’s Affecting Oil Prices This Week? (April 26, 2021)

Oil prices fell on April 26 on fears that rising COVID-19 infections in India will dent fuel demand in the world's third-biggest oil importer.

India, which has set a world record in daily COVID-19 cases, ordered its armed forces on April 26 to help tackle surging new infections that are overwhelming hospitals.

The joint technical committee usually reviews market fundamentals and monitors compliance with the group’s oil production cuts.

Compliance levels for March were calculated at 113%, unchanged from levels in February, OPEC+ sources told Reuters last week.