Global oil demand will soar by a record 7 million barrels per day (mbpd) in 2021, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report today.

 

The group also expected oil demand in 2020 to drop by 8.9 mbpd, compared to previous estimates of a decline of 9.07 mbpd.

 

In addition, OPEC sees non-OPEC oil supply in 2020 will fall by 3.26 mbpd and rise by just 0.92 mbpd in 2021.

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