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.
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.