OPEC expects increase in global oil demand in 2021 amid world’s post-pandemic recovery

OPEC expects increase in global oil demand in 2021 amid world’s post-pandemic recovery

 

The technical committee of the Organization of the Petroleum Exporting Countries (OPEC); has confirmed its previous outlook concerning the growth in global demand for oil; according to the OPEC Secretary-General Mohammed Barkind.

 

According to Barkind, the group and its allies expect the world’s demand for crude to increase by six million barrels per day; as global GDP is projected to grow by 5.5% in 2021 due to recoveries in such countries as China, the US, India along with the Eurozone.

 

“The projections for oil are largely unchanged from our last meeting; with demand expected to grow by six million b/d to around 96.5 million b/d on average for the year, an increase of 6.6%;” the website of the organization cites the official.

ALSO READ: OPEC, Allies agree to boost output, betting on demand rebound

 

In fact, we anticipate that demand will surpass 99 million b/d in the fourth quarter; which would put us back in the range of pre-pandemic levels,” Barkind added.

 

The secretary also said that the agreement on capping production of crude clinched between OPEC members and allied leading oil producers last year; is one of the major factors for sustainable oil market stability.

 

As of 7:20 GMT, global oil prices were rising on Wednesday; with Brent crude trading above $75 a barrel, and US crude benchmark WTI up 40 cents to $73.41 a barrel.

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Osigweh Lilian Oluchi is a graduate of the University of Lagos where she obtained a B.A (Hons) in English, Masters in Public and International affairs (MPIA). Currently works with 1stnews as a Database Manager / Writer. [email protected]

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