OPEC predicts this year’s global oil demand will account for 65% of losses in 2020, Auto News, ET Auto

The Secretary General predicts further growth in demand next year from around 4.2 mb / d to 100.8 mb / d.

Global oil demand is expected to recover significantly, reaching 96.7 million barrels per day (mb / d) and recovering 65% of lost demand in 2020, OPEC Secretary General Mohammad Sanusi Barkindo said on Thursday. .

Earlier today, the International Monetary and Financial Committee (IMFC) of the International Monetary Fund met in Washington, with the OPEC official attending as an observer.

Global oil demand is expected to recover significantly in 2021 and increase by 6.0 mb / d, accounting for about 65% of lost demand in 2020. In absolute terms, world oil demand is expected to reach 96.7 mb / d / j, “Barkindo said in a statement to IMFC.

The Secretary General predicts further growth in demand next year from around 4.2 mb / d to 100.8 mb / d.

Oil demand in the OECD [Organization for Economic Cooperation and Development] is expected to grow by 1.83 mb / d, with the OECD Americas growing steadily, and OECD Europe and Asia-Pacific registering respectable growth, ”added Barkindo.

In 2020, the slowdown in the global economy due to the pandemic led to a decrease in the need for energy resources. However, the trend is starting to reverse as vaccinations around the world progress and restrictions are lifted.

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Brent crude futures gained 89 cents, or 1.1%, to $ 84.07 a barrel at 1204 GMT after falling 0.3% on Wednesday. US West Texas Intermediate (WTI) crude futures rose 87 cents, or 1.1%, to $ 81.31, more than the previous day’s 0.3% decline.

The Organization of the Petroleum Exporting Countries (OPEC) now expects demand for oil to increase by 5.82 million barrels per day, compared to 5.96 million barrels per day in its previous forecast, saying the downward revision was mainly due to data for the first three quarters of the year.


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Felix J. Dixon

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