OPEC raises its oil demand forecast by 6 million barrels

“OPEC” raised its expectations for global demand for crude this year, indicating that the recovery will begin in the second half with the decline in the repercussions of the “Corona” pandemic … The organization clarified that global demand levels for crude may rise by 5.9 million barrels per day to 96.3 million barrels. Daily in the current year, a level higher than previous estimates of a rise in global demand for crude at 96.05 million barrels per day .. At the same time the report indicated that demand for crude this year will not be able to compensate for the big shortfall that occurred last year .. The report: Non-OPEC oil supply grows by one million barrels per day at 63.8 million barrels per day, while OPEC production decreased by 647 thousand barrels per day in February to 24.84 million barrels per day.

Last month, OPEC + decided to stabilize production in April at the same current levels, and the Kingdom also decided to continue voluntary reduction of production levels until the end of next month. The organization raised its forecast for global economic growth this year from 4.8% to 5.1%, despite the repercussions of the epidemic. On the economy will continue to persist in the first half of the year.

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