According to OPEC, oil demand will jump in 2021
According to the monthly report by the Organization of petroleum exporting countries (OPEC), oil demand is expected to grow at a record high of 7 million barrels per day (bpd) by 2021. However, it will follow below 2019 levels as the global economy tries to recover from the coronavirus pandemic.
" (The forecast) assumes that Covid-19 will be contained, especially in major economies, allowing recovery of private consumption and investment, supported by massive stimulus measures taken by governments to combat the pandemic," OPEC said.
The group estimates to meet most of the projected jump in demand in 2021 and that demand for its production reaches around 29.8 million bpd.
