OPEC made this known in its Oil Market Report for October 2021, a copy which was obtained by the News Agency of Nigeria ( NAN) on Wednesday in Lagos.
It said the downward revision was mainly driven by lower-than-expected actual data for the first three quarters of this year.
“This is in spite healthy oil demand assumptions going into the final quarter of the year, which will be supported by seasonal uptick in petrochemical and heating fuel demand and the potential switch from natural gas to petroleum products due to high gas prices.
“Both Organisation for Economic Cooperation and Development (OECD) and non-OECD figures are adjusted lower,’’ the report noted.
According to the report, the downward revision in OECD regions focused in first half of 2021, while the non-OECD revision is concentrated in third quarter 2021.
According to the report, the world is expected to consume 96.6 mb/d of petroleum products this year.
“Demand is anticipated to be supported by healthy economic momentum in the main consuming countries and better management of the COVID-19 pandemic.’’ (NAN)