• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 22 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 22 hours How Far Have We Really Gotten With Alternative Energy
  • 23 hours The United States produced more crude oil than any nation, at any time.
  • 1 min "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 hours Bankruptcy in the Industry
Oil Price Volatility Soars Amid Geopolitical Uncertainty

Oil Price Volatility Soars Amid Geopolitical Uncertainty

Oil price volatility has climbed…

3 Oil & Gas Stocks Most Sensitive To Oil Price Swings

3 Oil & Gas Stocks Most Sensitive To Oil Price Swings

Apache, Marathon Oil Corp. and…

Why Shell Has Soured on The London Stock Exchange

Why Shell Has Soured on The London Stock Exchange

British multinational oil & gas…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC Sees Strong Oil Demand Recovery This Autumn

SPR crude

Global oil demand will rise by 6 million barrels per day (bpd) this year from the lows of 2020, led by strong consumption in China and the United States, especially in the second half of 2021 with growing economies and border reopenings, OPEC said on Thursday.

In its Monthly Oil Market Report (MOMR), the organization continues to expect total global oil demand to average 96.58 million bpd this year, up from 90.63 million bpd in 2020, despite the COVID resurgence and renewed lockdowns in key economies, including the Eurozone, Japan, and India.

“However, the ongoing vaccination efforts, growing share of recovered cases leading to increasing herd immunity, and the easing of lockdown restrictions lend optimism that the pandemic could be contained in the few months to come,” OPEC said in its report.

The global economic rebound will benefit from stimulus measures, high savings rates in advanced economies, and pent-up demand following the lockdowns, the cartel noted.

The economic momentum and reopenings are set to accelerate the oil demand rebound in the second half of the year, when total demand worldwide is expected to reach 99.0 million bpd, up from an estimated 94.1 million bpd for the first half of 2021. Improving mobility in major economies support gasoline and diesel demand, while seasonal summer demand will also add to higher consumption. The ongoing vaccination is also a bullish factor in OPEC’s outlook for the second half of the year.

“OECD Americas, led by the US, is projected to be the largest contributor to oil demand growth in 2021, supported by rebounding transportation fuels, mainly gasoline, and healthy light- and middle-distillate requirements,” OPEC said.

Despite this, oil demand in North America is not expected to return to pre-pandemic levels this year, the cartel noted. 

In developing economies, China will lead the demand growth, followed by India and other markets in Asia, according to OPEC.

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News