OPEC expects global oil demand to rebound more slowly in 2021 than its previous expectations due to the continuing effects of the coronavirus pandemic, the group wrote in a report.
OPEC expects demand to fall 9.77 million barrels per day in 2020, expected to reach 89.99 million barrels per day this year. It projects oil demand of 95.89 million barrels per day in 2021, down 410,000 from a previous projection made in November.
Oil production is growing, with an additional 707,000 bpd, mostly from Libya, which is exempt from the group’s deal to cut production. OPEC is planning to increase production by 500,000 bpd nex year.
