OPEC keeps crude oil demand forecast unchanged
by ChemOrbis Editorial Team - content@chemorbis.com
OPEC has kept its global crude demand growth forecast for this year unchanged from its earlier forecast in December amid continued economic recovery.
In the monthly report, the group of oil producers said it expects global oil demand in 2021 to increase by 5.9 million bbl/day on year to an average of 95.9 million bbl/day. It had declined by 9.8 million bbl/day to average 90 million bbl/day in 2020 due to the impact of COVID-19.
The demand forecast for this year assumes a healthy recovery in economic activity including industrial production, and improving labor market and higher vehicle sales. Accordingly, oil demand is expected to rise supported by transportation and industrial fuels, it explained.
The group also warned that uncertainties remain high with downside risk related to pandemic containment measures amid the recent spike in infections.
In the monthly report, the group of oil producers said it expects global oil demand in 2021 to increase by 5.9 million bbl/day on year to an average of 95.9 million bbl/day. It had declined by 9.8 million bbl/day to average 90 million bbl/day in 2020 due to the impact of COVID-19.
The demand forecast for this year assumes a healthy recovery in economic activity including industrial production, and improving labor market and higher vehicle sales. Accordingly, oil demand is expected to rise supported by transportation and industrial fuels, it explained.
The group also warned that uncertainties remain high with downside risk related to pandemic containment measures amid the recent spike in infections.
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