OPEC predicts that the recovery in global oil demand will strengthen in the second half of this year. The group is now preparing to discuss restoring more previously disrupted capacity.
In a report, the Organization of Petroleum Exporting countries predicts that oil consumption will increase by about 5 million barrels a day in the second half of 2021, or about 5 per cent, compared with the first half of this year, as the world emerges from the recession caused by the pandemic. Compared with the forecast a month ago, the above figures are basically unchanged.
"Global economic growth and the recovery in oil demand are expected to accelerate," the group's research department in Vienna wrote. As vaccination programs bring the epidemic under control, demand for transport fuel should also rise, the report said.
OPEC and its partners have restored nearly 40 per cent of production that was shut down a year ago by demand hit by the coronavirus outbreak and will meet on July 1st to consider restoring the rest.