Global oil demand to increase 6.6% in 2021: OPEC

Baku, December 15, AZERTAC 

Global oil demand is expected to increase by 6.6%, by 5.9 million barrels per day (bpd), in 2021 to an average of 95.89 million bpd, the Organization of Petroleum Exporting Countries (OPEC) said in its report on Monday, Anadolu Agency reports.

"This is due to the uncertainty surrounding the impact of COVID-19 and the labor market on the OECD transportation fuel outlook for the first half of 2021," according to the OPEC Monthly Oil Market Report.

Global oil demand in 2020, however, is estimated to decline by 9.8 million bpd, or 9.8%, to reach 89.99 million bpd.

OPEC said weaker-than-expected data in OECD countries in the third quarter of 2020, mainly due to lower transportation fuel demand in the US and OECD Europe, led to a downward revision.

Demand for OPEC crude this year has been revised up by 0.1 million bpd from the previous month to stand at 22.2 million bpd, which is around 7.1 million bpd lower than in 2019.

For next year, demand for OPEC crude has been revised down by 0.2 million bpd from the previous month to stand at 27.2 million bpd, making it around 5 million bpd higher than in 2020.

"Transportation and industrial sectors are projected to lead oil demand growth in 2021. However, uncertainties remain high, mainly surrounding the development of the COVID-19 pandemic and rollout of vaccines, as well as the structural impact of COVID-19 on consumer behaviors, predominantly in the transportation sector," OPEC said.

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