Daily Management Review

OPEC maintains forecast for global oil demand in 2021


OPEC maintained its forecast for global oil demand in 2021, expects it to grow by 5.9 million barrels per day.

The assessment of demand in 2020 is slightly worsened, according to the organization's January report.

"Global oil demand will grow by 5.9 million bpd in 2021, the forecast from last month's report is unchanged," the report said. Thus, oil demand in 2021 is currently expected to be 95.9 million bpd.

The main driver of demand growth this year will be China, as well as India and a number of APR countries. Steady growth of economic activity in the world, as well as growing demand for petrochemical raw materials will contribute to the positive dynamics, OPEC notes.

The demand for oil in 2020, according to the organization estimates, fell by 9.8 million barrels per day, while in the previous report was expected to decline by 9.77 million. Thus, oil demand in 2020 is 90 million barrels per day, OPEC points out.

source: reuters.com