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Record Rise in Oil Demand in 2021

OPEC expects a record hike in world oil demand in the upcoming year.
According to the latest monthly report by the Organization of the Petroleum Exporting Countries, global demand for oil will surge by a record 7 million barrels per day next year. This is because the world economy is struggling to bounce back to its pre-pandemic era. And while it’s a record increase, oil production is still below the levels in the current year. On its first report to evaluate the oil industry in 2021, OPEC doesn’t foresee any further risks, including business controversies between China and the United States, immense debt levels and another wave of the COVID-19 pandemic. It estimated the impact of the coronavirus, at least in the top economies of the world, can be dealt with through financing and private household consumption, through huge stimulus packages.
Samira H. 
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By Samira Hassanzadeh on October 19, 2021

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