OPEC again cuts 2021 oil demand view, sees H2 pickup

* Trims growth outlook by 110,000 bpd to 5.79 mln bpd
* OPEC outlook was 7 mln bpd in July, steadily lowered since

By Alex Lawler
LONDON, Feb 11 (Reuters) - World oil demand in 2021 will
rebound more slowly than previously thought, OPEC said on
Thursday, adding to a series of downgrades as the impact of the
pandemic lingers.
Demand will rise by 5.79 million barrels per day (bpd) this
year to 96.05 million bpd, the Organization of the Petroleum
Exporting Countries said in a monthly report, trimming its
growth forecast by 110,000 bpd from a month ago.
The prospect of a weaker demand recovery has already
prompted OPEC and its allies, a group known as OPEC+, to slow
the pace of its scheduled oil output boost in 2021.
These curbs have helped boost oil prices, which hit a
13-month high this week.
"While the global economy is showing signs of a healthy
recovery in 2021, oil demand is currently lagging, but is
forecast to pick up in the second half of 2021," OPEC said in
the report.
OPEC has steadily lowered its 2021 oil demand growth
forecast from 7 million bpd expected in July. the latest forecast is stronger than the prediction made
in an internal OPEC report seen this month by Reuters.
The group raised its forecast of world economic growth this
year to 4.8% from 4.4% previously, despite the impact of
"challenges" such as COVID-19 variants and the effectiveness of
vaccines.
"The global vaccination rollout is gaining pace, infection
rates are falling in some areas, improvements in treatment and
the growing use of rapid testing facilities all lend support to
an acceleration of economic activity after the first quarter,"
OPEC said.
OPEC+ producers cut supply by a record 9.7 million bpd last
year to support the market.
They agreed to pump an extra 500,000 bpd in January under a
plan to unwind the curbs gradually. Most producers are returning
to supply restraint this month and in March.
The report said OPEC crude production in January rose by
180,000 bpd to 25.50 million bpd.

(Editing by Jason Neely)