Oil Demand to See Recovery in the Second-Half of 2021, Says OPEC

The oil demand is being expected to see a noticeable rise in the latter half of the ongoing year of 2021.

Srimoyee Bhattacharya

March 16, 2021

Trending News

3 min

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With the worldwide pandemic of the coronavirus, the demand and supply of various things fluctuated drastically in the market. However, it is now being said that the demand for oil is all set to recover and reach a decent mark in the second half of 2021. In a recent report by the Organization of the Petroleum Exporting Countries, it was revealed the demand will increase by 5.89 million barrels per day.

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According to the Organization of the Petroleum Exporting Countries (OPEC), an oil producers’ group, The recovery of oil prices and its demand in the market will be heavily focused upon in the latter half of the ongoing year, 2021. The second half of the year will see an increased demand for oil by a margin of around 5.89 million barrels per day (BPD). The demand for oil could also see a 6.5% rise in comparison to that of last month, all of which was revealed in a recent monthly report by OPEC itself. The predicted total demand is being expected to attain a total of 96.3 million BPD, most of it being in the latter half of 2021.

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It was also added that with the COVID-19 impact still lingering in the market, the demand in 2021 might not be able to suffice for the massive drop that was seen in 2020. OPEC+ chose to mostly extend the current curbs into the month of April, in the last week. Prices of oil have risen to beat the pandemic-high this month already, boosted by hopes of economic recovery, and OPEC+ supply restraint. OPEC also raised its forecast of the World Economic Growth this year from 4.8% to 5.1% as activities exhilarate by the end of the first half of 2021. However, it still looks like the mobility restrictions are continuing to tamper with the oil demand despite faster growth.

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