OPEC Announced 2021 Global Oil Demand Forecast

OPEC announced its 2021 global oil demand forecast. The organization predicted that demand would increase by 5.9 million barrels per day. Organization of Petroleum Exporting Countries (OPEC) published its Monthly Petroleum Market Report. According to the report, the positive impact of vaccination efforts against the new type of coronavirus (Covid-19) epidemic was reflected in the increase in fuel demand in the USA and the rapid recovery of economic activities in Asian countries, especially China. Accordingly, the demand for OPEC crude oil is estimated to be 27 million 200 thousand this year, with a daily increase of 5 million barrels compared to last year. In this period, it is predicted that the global oil demand will increase by 5 million 900 thousand barrels (6.56 percent) on a daily basis and will be approximately 95 million 910 thousand barrels.   OPEC's Oil Production Increased According to the published report, the global oil supply increased by 580 thousand barrels per day compared to the previous month and reached 92 million 930 thousand barrels. During the mentioned period, OPEC's daily crude oil production was recorded as approximately 25 million 360 thousand barrels, with a daily increase of 278 thousand barrels. As a result of this increase, OPEC's share in global oil production increased to 27.3 percent in December 2020.