Oil demand will grow in 2021

The Organization of the Petroleum Exporting Countries (OPEC) assured that despite the fall this year due to the coronavirus, the organization hopes that next year will be much better

World oil demand will record a record annual increase of 7 million barrels per day next year, although this historic rebound driven by the expected recovery in the economy will be insufficient to return global oil consumption to the level prior to the crisis unleashed by the coronavirus pandemic, according to the Organization of the Petroleum Exporting Countries (OPEC).

In the latest edition of its monthly bulletin, the oil cartel predicts that global demand for crude oil will fall in 2020 to 90.72 million barrels per day (mb/d), representing a decrease of 8.95 mb/d with respect to the consumption of 2019, a slightly less pessimistic figure than in its previous estimate, when it anticipated a fall of 9.07 mb/d.

However, relying on the momentum of the economic recovery expected in 2021, OPEC expects that next year there will be a record annual increase of 7 mb / d in oil demand, up to 97.72 million barrels per day, a figure still below the average consumption in 2019, before the pandemic, of 99.67 mb/d.

“In 2021, oil demand is forecast to partially recover from the current year to show historical growth of 7mb / d, with an increase in both OECD and non-OECD regions of 3, 5 mb / d a year, “says the agency.

In its projections, OPEC anticipates that the demand of the OECD countries will rise next year to 46.47 mb/d from the 42.96 mb/d expected for 2020, including growth in Europe from 12.59 mb/d in 2020 up to 13.80 mb/d, while in the United States it will be reached next year 20.50 mb/d, compared to the 18.99 mb/d estimated for 2020.

K. Tovar

Source: Expansión

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