It forecasts 2020's oil demand will drop by 8.95 million bpd. FMTNews Opec
LONDON: Global oil demand will soar by a record 7 million barrels per day in 2021 as the global economy recovers from the coronavirus crisis but will remain below 2019 levels, Opec said in its monthly report.
Oil prices collapsed this year after global demand fell by a third when governments imposed lockdowns to stop the spread of the virus. Opec expects to cover the lion’s share of the massive projected demand spike in 2021 with demand for its crude rising by 6 million bpd to reach 29.8 million bpd. Opec said it expected non-Opec oil supply in 2020 to fall by 3.26 million bpd and rise by just 0.92 million bpd in 2021.
She said Opec’s demand recovery predictions could prove optimistic. Energy Aspects see demand bouncing back by about 5 million bpd next year.
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