OPEC revises up global oil demand outlook for 2021

The global oil demand will increase by 5.9 million barrels per day (bpd) from the previous year to stand at 96.3 million bpd in 2021, the Organization of the Petroleum Exporting Countries (OPEC) unveiled in its monthly oil market report. The organization boosted its outlook by 200,000 barrels per day compared to February's report.

The Organisation for Economic Co-operation and Development (OECD) crude demand is seen climbing by 2.6 million bpd this year to amount to 44.6 million bpd, while non-OECD demand is expected to jump by 3.3 million bpd to average 51.6 million bpd."Oil requirements in 1H21 are adjusted lower, mainly due to extended measures to control COVID-19 in many key parts of Europe. In addition, elevated unemployment rates in the US slowed the recovery process. In contrast, oil demand in 2H21 is adjusted higher, reflecting expectations for a stronger economic recovery with the positive impact of vaccination rollouts," the OPEC's monthly report said.