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4/13, 2:01 PM (Source: TeleTrader)
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OPEC raises 2021 oil demand projection slightly

The Organization of the Petroleum Exporting Countries (OPEC) revealed on Tuesday that it expects the global oil demand to jump by 6 million barrels per day (bpd) in 2021, revising its previous projection upward by approximately 100,000 bpd.

The estimated increase in the oil demand in the second half of 2021 is expected to result from the stronger economic recovery, boosted by additional stimulus measures, the easing of coronavirus pandemic-related restrictions and the mass vaccination efforts primarily in the Organisation for Economic Co-operation and Development (OECD) countries. However, mostly due to the latest set of lockdown measures imposed in European OECD countries, the demand projection for the first six months of 2021 will be lowered, OPEC also said in its Monthly Oil Market Report.

The cartel estimated that the demand will average about 96.5 million bpd in the entire 2021.

Breaking the News / MS