OPEC Expects Record Rise in Oil Demand in 2021

Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report.

It was the first report in which OPEC assessed oil markets next year. It said the forecast assumed no further downside risks materialized in 2021 such as U.S.-China trade tensions, high debt levels or a second wave of coronavirus infections.

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