Robust economic recovery with the positive impact of COVID19 vac helps boost oil demand
Robust economic recovery with the positive impact of COVID19 vac helps boost oil demand
Share:

Global oil demand in 2021 will become stronger, more slowly than previously thought, OPEC said on Thursday, adding to a series of downgrades as the impact of the pandemic lingers with the positive impact of COVID19 vaccination, the Organization of the Petroleum Exporting Countries said today.

“The global vaccination rollout is gaining momentum, infection rates are falling in some areas, improvements in treatment and the growing use of rapid testing facilities all lend support to an acceleration of economic activity after the first quarter,” OPEC said.

OPEC scaled up its forecast for global oil demand growth in 2021 by 100,000 barrels per day to 5.9 million bpd from its earlier estimate in February. It now sees overall demand for crude oil this year at 96.3 million bpd, the cartel said in its monthly report. "OECD (Organisation for Economic Co-operation and Development) Americas is projected to see the highest increase (in demand), on the back of recovering transportation fuels and healthy light-and middle-distillate requirements," OPEC said in the report.

The cartel, however, lowered its estimate for demand for its own oil slightly from its previous report. It sees oil demand from its member countries at 27.3 million bpd in 2021, down 200,000 bpd. In terms of production, OPEC's collective output fell by 650,000 bpd in February to 24.85 million bpd.

Crude Oil Price boils USD70 For The First Time Since COVID-19 Outbreak

Fuel prices steady even as crude boils

OMCs raise margins as consumers suffer fuel price blues

 

Join NewsTrack Whatsapp group
Related News