Opec forecasts a recovery in the oil market and revises demand growth upward

Opec forecasts a recovery in the oil market and revises demand growth upward

Opec revised oil demand growth upwards by 100,000 barrels per day for 2021, on the back of a stronger economic rebound supported by stimulus programmes in the world's largest economies countries.

Global oil demand is expected to rise by 6 million bpd this year, reaching 96.5 million bpd.

Stronger demand in the second half of the year from Organisation for Economic Co-operation and Development, which comprises some of the world's most developed nations, will help support crude demand recovery.



Oil demand is adjusted lower in the first half of 2021 as a result of a recent developments related to Covid-19 measures in OECD