This Year’s Global Oil Demand Will Make Up 65% Of Loss In 2020 – OPEC

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Global oil demand is expected to make a significant recovery, reaching 96.7 million barrels per day (mb/d) and recovering 65% of demand lost in 2020, OPEC Secretary-General Mohammad Sanusi Barkindo said on Thursday.

Earlier in the day, the International Monetary and Financial Committee (IMFC) of the International Monetary Fund convened in Washington, with the OPEC official participating as an observer.

“World oil demand is estimated to recover significantly in 2021 and to increase by 6.0 mb/d, making up around 65% of the lost demand during 2020. In absolute terms, world oil demand foreseeing reaching 96.7 mb/d,” Barkindo said in a statement to the IMFC.

The secretary-general forecast further growth of demand next year by roughly 4.2 mb/d to 100.8 mb/d.

This Year’s Global Oil Demand Will Make Up 65% Of Loss In 2020 – OPEC

“Oil demand in the OECD [Organization for Economic Cooperation and Development] is anticipated to rise by 1.83 mb/d, with OECD Americas rising steadily, and OECD Europe and Asia Pacific recording respectable growth,” Barkindo added.

In 2020, the slowdown of the global economy due to the pandemic drove the need for energy resources down. However, the trend is beginning to reverse as vaccinations around the world progress and restrictions are lifted.