Global oil demand this year will continue to recover at 6 million barrels per day, OPEC’s June report said, confirming the forecast it made in May.
According to OPEC data, global oil demand this year should amount to 96.58 million bpd.
In its report, OPEC predicts that in the second half of 2021, oil consumption in the world will grow against the backdrop of favorable macroeconomic forecasts and the impact of the OPEC + deal on the market. The growth rate is expected to reach 99 million bpd, against 94.1 million in the first half of the year.
From the forecast presented in the report, oil supplies from non-OPEC countries will increase by 0.84 million bpd. Compared to the May forecast, the estimate has been raised by 0.1 million bpd.
Consequently, oil supplies from these countries in 2021 will amount to 63.7 million bpd. The reason for this was the rapid recovery of oil production in the United States in March – by 2.5 million bpd.
An increase in oil supply is expected from Canada, Brazil, China, and Norway, oil production in the United States will grow by only 0.3 million bpd.
