Global Oil Demand Expected to Grow by 6 Million Barrels Per Day in 2021

OPEC + raised its forecast for growth in oil demand in 2021 to 6 million barrels per day, Russian Deputy Prime Minister Alexander Novak said.

“As part of our session, forecasts for the growth of oil demand in the world were raised; in general, this demand [growth], according to our estimates, will amount to 6 million barrels per day in 2021,” he said in an interview with the Rossiya 24 broadcaster, indicating that at the beginning of the year, the alliance expected an increase in demand in 2021 of 5-5.5 million barrels per day.

Novak also said that the recovery in the consumption of oil and petroleum products in the world is going at a fairly rapid pace as the vaccination rolls out around the world. In particular, air transportation has now reached 65-70 percent of the pre-crisis level, road transportation recovered to the pre-crisis level, and in Russia it even grew 3-5 percent to the pre-crisis level.

“The number of administered vaccine doses reached 1.9 billion. This is a significant figure, which allows us to be optimistic about the fact that lockdowns, restrictions will be removed, and demand growth will recover,” the deputy prime minister said.