OPEC predicted that the recovery in global oil demand will gather strength in the second half of the year, as the group prepares to consider reviving more halted output.
Oil consumption will jump by about 5 million barrels a day — or roughly 5% — in the second half of 2021 versus the first as the world emerges from the pandemic slump, the Organization of Petroleum Exporting Countries forecast in a report. The estimates are little changed from a month ago.
“The recovery in global economic growth, and hence oil demand, are expected to gain momentum,” the group’s Vienna-based research department wrote. The need for transport fuels should climb as vaccination programs contain the virus, it said.
