OPEC keeps forecast for growth in global oil demand in 2021

Global oil demand in 2021 will grow by 6 million barrels per day (bpd), Report informs, referring to the OPEC September report.

The estimate hasn’t changed compared to the August one.

The demand for oil in the third quarter this year was stable amid the growing mobility of the population, especially in the Organization for Economic Co-operation and Development (OECD) countries. At the same time, the forecast for oil demand in the second half of the year was reduced due to the spread of coronavirus infection, particularly the Delta strain. In general, oil demand in 2021 is expected to recover to the level of 96.7 million barrels per day.

OPEC expects that in 2022 the growth in oil demand worldwide will amount to 4.2 million barrels per day, which is 0.9 million barrels per day higher than the estimate in the report for August.

It is expected that the recovery in demand for all types of fuel will be more significant, and it will be supported by stable economic growth in all regions, the organization said.

Aggregate demand for oil in 2022 will reach 100.8 million barrels per day, which is higher than before the pandemic.