OPEC: Oil Demand Will Increase In 2021

OPEC: Oil Demand Will Increase In 2021 The Organization of Petroleum Exporting Countries (OPEC) announced that oil demand will increase in 2021. According to the Petroleum Market Report of the Organization of Petroleum Exporting Countries (OPEC), the lower-than-expected economic data in OECD countries in the third quarter of 2020 and the decrease in the demand for fuel in transportation, especially in the USA and OECD countries, pressured the global oil demand downward. In addition, it was reported that the global demand was revised upwards as the oil demand in China and India started to recover thanks to the positive data from some sectors. In this case, it is estimated that the global demand for oil will be approximately 89 million 990 thousand barrels per day, decreasing by 9 million 770 thousand barrels per day or 9.8 percent compared to last year. By 2021, it is estimated that the global demand for oil will increase by 5 million 900 thousand barrels or 6.6 percent compared to this year and reach approximately 95 million 890 thousand barrels per day.