OPEC: Oil demand will grow in 2021

"The Organization of the Petroleum Exporting Countries (OPEC) expects that in 2021, demand for this fuel will grow by 5.9 million barrels per day to 95.9 million barrels per day," the Secretary-General of the organization, Mohammed Barkindo said, Report states, citing the TASS.

According to him, the decision of the OPEC+ countries, adopted on December 3, 2020, makes it possible to gradually return 2 million b/d to the market in the coming months. The countries participating in the agreement are ready to adjust this plan at any time, depending on the market situation. He noted that the development of coronavirus vaccines inspires optimism about the growth of the global economy and the oil market's recovery.

"While crude demand is expected to rise by 5.9 million barrels per day (BPD) to 95.9 million BPD this year, the group sees plenty of downside demand risks in the first half of 2021.

"We are only beginning to emerge from a year of deep investment cuts, huge job losses and the worst crude oil demand destruction on record," he said.

On Monday, January 4, 2021, at 18:00 (Baku time), OPEC + ministers will meet for a regular meeting online to decide on production levels for February 2021. At the previous session on December 3, they gradually increased oil production, no more than 0.5 million b / d per month. It will be preceded by a meeting of the OPEC+ ministerial monitoring committee, whose participants will discuss the level of implementation of the deal in November and recommend the countries of the alliance on production for February.