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30 Jun, 2021 07:18

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.

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“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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