By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Live Trading NewsLive Trading NewsLive Trading News
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Search
Reading: OPEC Expects 2021 Crude Oil Demand Recovery in Second Half
Share
Live Trading NewsLive Trading News
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Search
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Follow US
© 2024 LiveTradingNews.com - All Rights Reserved.
Live Trading News > Blog > 2021 > OPEC Expects 2021 Crude Oil Demand Recovery in Second Half
2021

OPEC Expects 2021 Crude Oil Demand Recovery in Second Half

Paul Ebeling
Last updated: May 5, 2021 4:08 pm
Paul Ebeling
Share
2 Min Read
1597265837 shutterstock 1284983473
SHARE

#OPEC #oil #demand

$OIL $USO

OPEC says that a recovery in Crude Oil demand will be focused on 2-H of the yr as the impact of the VirusCasedemic lingers as a headwind for the group and its allies in supporting the market.

In a monthly report, the Organization of the Petroleum Exporting Countries said demand will rise by 5.89-M BPD in Y 2021.

“Total oil demand is foreseen to reach 96.3 million bpd with most consumption appearing in the second half,” OPEC said in the report.

“This year’s demand growth will not be able to compensate for the major shortfall from 2020 as mobility is forecast to remain impaired throughout 2021.”

The latest forecasts could boost cautious views among OPEC and its allies, known as OPEC+, on how quickly to unwind more of last yr’s record oil output cuts.

OPEC raised its forecast of world economic growth this year to 5.1% from 4.8% as activity accelerates by the end of 1-H. Still, it sees the mobility restrictions continuing to dampen Crude Oil demand, despite faster growth.

“Oil-intensive sectors, especially travel and transportation, will remain disproportionately affected, with a larger negative impact on 2020 oil demand and a lower positive contribution to 2021 oil demand, relative to global economic growth,” OPEC said.

While the curbs persist, rivals are boosting supply and OPEC raised its forecast of non-OPEC output growth to almost 1-M BPD led by Canada, the United States, Norway and Brazil.

Partly due to the higher non-OPEC supply forecast, OPEC trimmed its estimate of global demand for its Crude Oil to 27.3-M BPD this yr. This still allows for higher average OPEC production in 2021.

Have a healthy day, Keep the Faith!

You Might Also Like

Hotels as Art Galleries in Asia

125 Public Companies Now Hold Bitcoin

Ferrari Hypersail

Banking Apocalypse, Bitcoin’s Just the Beginning

Bitcoin at ATH, What Next?

TAGGED:CrudedemandoilOPECUSO

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

Subscribe our newsletter for latest news around the world. Let's stay updated!

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
By Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   
Previous Article Cartoon
Next Article 9fb7e498 1615 43a0 a100 7cd567c36597 Ferrari (NYSE:RACE) Shares Gapped Down Tuesday, Why?
Buy Bitcoin

Buy Bitcoin

Latest News

Saint Francis of Assisi in Ecstasy Caravaggio c.1595
St. Francis: The Deeds You Do Today
Catholic Featured Headline News Lifestyle Lifestyles of the RIch and Famous Living Luxury Opinion Politics Shayne Heffernan July 11, 2025
Screenshot 26 6 2025 132527
Tokenization and the Future of Financial Markets
Bitcoin Blockchain DeFI Digital Assets Economy Headline News KXCO Politics USD July 11, 2025
photo 2025 03 03 07 22 06
InfoFi: The Latest Abomination in Crypto
Crypto Featured Headline News Shayne Heffernan on Investments July 10, 2025
czi0oawj8y561
Asia’s Growth Resilience Amid U.S. Tariffs
America Asia Asia Business Featured Headline News KXCO Politics USD July 10, 2025

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
4.4kFollowersFollow
//

Stay informed with LiveTradingNews.com – your ultimate destination for timely and insightful updates on global markets, finance, and investment trends. Explore the latest news and analysis to empower your trading decisions.

Quick Link

  • About us
  • Advertise
  • Send us a tip!
  • Privacy Policy
  • Contact us

Top Categories

  • Knightsbridge Insights
  • Featured
  • Stocks
  • Shayne Heffernan
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Subscribe our newsletter for latest news around the world. Let's stay updated!

Live Trading NewsLive Trading News
Follow US
© 2025 LiveTradingNews - For The Traders, By The Traders – All Right Reserved By Knightsbridge Group
Welcome Back!

Sign in to your account

Register Lost your password?