According to Anadolu News on January 18, OPEC said in its report on Thursday that global oil demand is expected to grow by 6.56% in 2021, an increase of 5.9 million barrels per day, reaching an average of 95.91 million barrels per day. .
The U.S. economy is expected to recover relatively well this year, driven by the availability of viable vaccines and well-targeted stimulus measures, which in turn will support future oil prices, the report said. demand.” However, according to OPEC’s monthly oil market report, global oil demand is expected to decrease by 9.75 million barrels per day, or 9.8%, to 90 million barrels per day in 2020.
In Europe, the 2021 forecast assumes a healthy recovery in economic activity, including higher industrial production, an improving job market and higher car sales than in 2020, the report said. “As a result, oil demand is expected to rise steadily this year, supported mainly by transport and industrial fuels.”
In the OECD Asia-Pacific region, oil demand is expected to rise for the first time in seven years, but will still below 2019 levels. “In addition to the resumption of economic activity, some of the lost consumption in 2020 is expected to return to growth to support demand growth in 2021. Demand growth is expected to be driven by China, India and other Asian countries.”
OPEC 2021 Crude oil demand was unchanged from last month’s report at 27.2 million barrels per day, 5 million barrels per day higher than in 2020.
Global oil production increased by 580,000 barrels per day in December from the previous month, and the average daily production was 92.93 million barrels, a decrease of 8.23 million barrels from the same period last year.
The report stated that in December, OPEC crude oil production increased by 710,000 barrels/day month-on-month, reaching an average of 25.11 million barrels/day.
As a result, OPEC crude oil production accounted for 27.3% of total global production in December, an increase of 0.1% from the previous month.
Crude oil production increased mainly in Iraq and the United Arab Emirates, while production decreased mainly in Nigeria, Congo and Angola.
However, Nigeria’s production fell by 28,000 barrels per day to 1.42 million barrels per day.
The daily crude oil production of non-OPEC countries increased by 300,000 barrels in December from the previous month, reaching an average of 67.57 million barrels. </p
