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OPEC Expects Demand Recovery in H2 of 2021

M. Ali 11 March, 2021 11:43 pm Commodities, Market Update

The Organization of the Petroleum Exporting Countries (OPEC) expects the recovery of the global demand for crude oil to be focused on the second half (H2) of 2021.

OPEC’s monthly report, released on Thursday, expects global demand will rise by 5.89 million barrels per day (b/d) in 2021, raising its forecast by 6.5% compared with its previous report.

“Total oil demand is foreseen to reach 96.3 million b/d with most consumption appearing in the second half,” the report noted, seeing the continuing impact of the Coronavirus pandemic on the oil market during H1 of the year.

However, the report noted that demand growth will not be able to compensate for the major shortfall from 2020 as mobility is forecast to remain impaired throughout 2021.

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