OPEC sees oil demand soaring in 2021 but still below 2019

OPEC sees oil demand soaring in 2021 but still below 2019

OPEC sees oil demand soaring in 2021 but still below 2019

OPEC sees oil demand soaring in 2021 but still below 2019

OPEC sees oil demand soaring in 2021 but still below 2019

An Indian laborer pulls a cart laden with empty oil drums. OPEC and its allies led by Russia have cut output by 10 million bpd since May. (AFP)

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OPEC sees oil demand soaring in 2021 but still below 2019

Forecast highlights massive stimulus measures to counter global pandemic

Updated 15 July 2020

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LONDON: Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus crisis, but will remain below 2019 levels, OPEC said in its monthly report.

It was the first report in which OPEC assessed oil markets next year. It said the forecast assumed no further downside risks materialized in 2021 such as US-China trade tensions, high debt levels or a second wave of coronavirus infections.

"This assumes that COVID-19 is contained, especially in major economies, allowing for recovery in private household consumption and investment, supported by the massive stimulus measures undertaken to combat the pandemic,“ OPEC said.

Oil prices collapsed this year after global demand fell by a third when governments