Market Insight Global Demand for Crude Oil will Rise Faster in Second Half of 2021: Opec

Editor: Ahlam Rais

Organization of the Petroleum Exporting Countries (Opec) has predicted that global demand will reach an average of 96.5 million barrels (159 liters each) per day this year, 190,000 barrels more per day than its earlier mentioned forecast in March.

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Global oil demand for gasoline and diesel.
Global oil demand for gasoline and diesel.
(Source: Opec)

Vienna/Austria – Global demand for crude oil will rise faster in the second half of the year than expected, according to a forecast by Opec producer countries. According to the latest estimate, the global economy will recover more strongly from the Corona crisis thanks to economic stimulus programs and vaccinations. This will increase demand, especially in industrialized regions such as North America, Opec in Vienna wrote in its monthly report on Tuesday.

According to the report, global demand is expected to reach an average of 96.5 million barrels (159 liters each) per day this year, 190,000 barrels more per day than its forecast in March. While the new estimate is 6 million barrels higher than last year, it remains well below pre-pandemic levels in 2019.

In early April, Opec and a group of allied oil countries had decided to raise their production in May, June and July. The group known as Opec+ had been cutting oil production for some time because of weak demand due to corona. The alliance, dominated by Saudi Arabia and Russia, covers about 45 per cent of the global oil supply.

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