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5/11, 1:20 PM (Source: TeleTrader)
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OPEC: Global oil demand to rise by 6M bpd in 2021

The Organization of the Petroleum Exporting Countries (OPEC) confirmed in its monthly market report that the 2021 world oil demand is expected to increase by 6 million barrels per day (bpd) to an average of 96.5 million bpd.

The OPEC estimated that the demand for crude would be lower than expected in the first half of the year mostly due to the resurgence of COVID-19 cases in major economies such as India and Brazil. On the other hand, accelerating vaccinations push positive sentiment for the second half of 2021.

When it comes to the oil supply, the OPEC revised down forecast for Norway and Canada due to an "extensive seasonal maintenance," while also noting global growth will be pushed by these two countries alongside Brazil and China. Meanwhile, the US liquid supply is expected to decline.

Breaking the News / ND