OPEC: The stimulus programs raise the demand for oil in the second half


In its monthly report, OPEC lowered its forecast for the growth of global demand for oil as well as supply from countries outside it during 2021, expecting that stimulus programs will lead to an increase in demand during the second half. The organization said in its report issued on its official website that global demand for crude will rise by 5.8 million barrels per day in 2021 to 96.1 million barrels per day, a level that is about 100,000 barrels per day lower than previous estimates. The organization stated that the extension of the closure restrictions and their re-application in a number of Countries have led to downward revisions at the level of the first half of this year, but at the same time they indicated that positive developments on the economic level, supported by massive stimulus programs, are expected to encourage levels of demand in the second half. It mentioned that the crude supply from countries outside OPEC It will increase by about 700,000 barrels per day to 63.3 million barrels per day, which is about 200,000 barrels per day lower than previous expectations. And the International Energy Agency announced that global demand for crude will rise by 5.4 million barrels per day to 96.4 million barrels per day in 2021, a level that is 200,000 barrels per day lower than previous expectations.

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