OPEC Projects Global Oil Demand Increase to 95.9Mn Bpd in 2021

Global oil demand in 2021 is forecasted to increase by 5.9 million barrels per day to average 95.9 million barrels per day—still nearly 5 million barrels per day below the pre-Covid-19 levels—,according to the OPEC Monthly Oil Market report on Thursday. The growth projection remained unchanged compared to a month earlier assessment. 

For emerging markets, oil demand is expected to grow by 3.3 million barrels per day, driven by China followed by India and Other Asia, and supported by rebound economic activities, meanwhile, developed markets would see an increase of 2.6 million barrels per day in oil consumption demand, however, still lag pre-pandemic levels.