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OPEC To Increase Oil Output

Geared to fix up their schemes to gradually increase oil production by 2 million barrels on a regular daily basis over the coming months, OPEC and its partners will act in line with oil market conditions. Speaking in a session attended by OPEC and OPEC+ experts, Secretary-General of OPEC, Mohammad Barkindo, said in 2021 oil demand in the world is expected to go up to 95.9 million bpd. OPEC+, last month, planned to multiply oil output by 0.5 million barrels per day (bpd) as of January; however, some of its members were unwilling to further step up output from the month of February. In the wake of lockdowns, OPEC+ had no choice but to reduce oil production in a record quantity as global demand decreased. Vaccines have brought hope around the world’s oil economy; yet, demand for oil might not be able to reach the levels before the pandemic (nearly 100 million bpd). Samira H.
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By Samira Hassanzadeh on October 19, 2021

Wavering Oil Market in Post-pandemic Era

As the U.S. would probably boost the stimulus and fuel demand would likely increase, oil prices saw a rise in today’s market. Brent crude oil grew 52 cents while WTI (U.S. West Texas Intermediate) increased 56 cents on Tuesday. The new type of the coronavirus has prompted fresh restrictions, which might bring a rise in future demand and inflict oil prices. The approaching meeting (January 4) by OPEC and its associates (Russia and PEC+) will perhaps affect the oil market, as well. OPEC plus supports the market and aims to increase oil output by 500,000 bpd the first month of the new year. Equally, Russia will do the same in February 2021. Alexander Novak, Deputy Prime Minister of Russia, said yesterday the new year would see extra oil demand (5 to 6 million bpd). Samira H.
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By Samira Hassanzadeh on October 19, 2021

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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