Global oil demand to record historic growth in 2021: OPEC
Photo taken on April 9, 2020 shows pump nozzles at a gas station in Brussels, Belgium. (Xinhua/Zhang Cheng)
While the oil market is still ravaged by the COVID-19 crisis, gradual stabilization is expected to begin in the second quarter of 2020, OPEC said in a monthly report.
VIENNA, July 14 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) predicts that global oil demand will register a historic high growth of seven million barrels per day (b/d) in 2021, although it will remain far below the pre-COVID-19 level.
While the oil market is still ravaged by the COVID-19 crisis, gradual stabilization is expected to begin in the second quarter of 2020, prompting cautious forecasts of renewed growth in 2021, according to OPEC's monthly report published on Tuesday.
The Organization for Economic Cooperation and Development (OECD) and the non-OECD oil producers will contribute around 3.5 million b/d to growth separately in 2021, it said.
Spot crude oil prices continued to rise in June for the second consecutive month, driven by a drop in global oil surplus, further improvements in oil market fundamentals, as well as expectations that the oil market would tighten further in the second quarter of this year, the report said.
OPEC forecasts a 4.7-percent global economic growth in 2021 following a contraction of 3.7 percent this year, assuming that COVID-19 is contained, especially in major economies.
Related articles
Trump accepts a VP debate but wants it on Fox News. Harris has already said yes to CBS
NEW YORK (AP) — Donald Trump said Friday his campaign has accepted an invitation from Fox News for h2024-05-21Winston Peters discusses Gaza ceasefire with UN Secretary
Photo: RNZ / Angus Dreaver2024-05-21Education Ministry workers on tenterhooks awaiting job cuts news
Education Ministry workers say they have been kept nervously waiting while leaders delay revealing t2024-05-21Luke Littler's Premier League darts rival Michael van Gerwen, 34, says the 17
An unfiltered Michael van Gerwen slammed Luke Littler once again after beating the teenager in the f2024-05-21China's first intelligent offshore drilling platform installed
SHENZHEN, May 17 (Xinhua) -- China's first intelligent offshore drilling platform was installed on F2024-05-21VOX POPULI: Our anger must never cool over ‘vital’ political fund
What aspects of everyday life are deemed to be essential in Japan? And, what, exactly, are “fuyo-fuk2024-05-21
atest comment