Opec expects demand to recover by 7m bpd in 2021 – The National

Opec expects demand to recover by 7m bpd in 2021 – The National

Iraq and Nigeria pledge to compensate for overproduction ahead of Opec+ meeting

















Saudi Arabia's energy minister Prince Abdulaziz bin Salman at the Opec+ emergency meeting in April. Saudi Press Agency







Opec expects oil demand for 2021 to "partially recover“ from the downturn this year, registering growth of around 7 million barrels per day, the group said in its latest monthly market outlook, published ahead of a joint ministerial monitoring committee meeting.



Total liquids demand is projected to reach 97.7m bpd next year. However, the demand for oil will remain below pre-Covid-19 levels.



Global oil demand for 2020 meanwhile is expected to decline by 8.9m bpd, after Opec revised its earlier estimate up by 100,000 bpd.



The upward revision was a reflection of "slightly better-than-expected oil demand from the OECD region in the second quarter of 2020, which more than offset downward adjustments to non-OECD oil demand during the same quarter,“ Opec said in its outlook.



The Opec+ producer alliance, led by its biggest producers Saudi Arabia and Russia, is likely to consider increasing output at the group's ministerial monitoring committee meeting on Wednesday.



The group is cutting back 9.7m bpd to