The Organization of Petroleum Exporting Countries, OPEC, has projected that world oil demand would rise by 7.0 mb per day in 2021.
A statement obtained said International from the verified twitter handle of OPEC late last night, revealed that the forecast is the same as projected in July.
The statement further disclosed that the total world consumption of crude oil is now pegged at 97.6 million barrels per day in 2021.
“For 2021, world oil demand growth is forecast to rise by 7.0 mb/d, unchanged from last month. Total world consumption is now pegged at 97.6 mb/d in 2021,” OPEC stated.
Recall that the price of crude oil at the International Market suffered severe decline few months back during the global lockdown occasioned by the COVID – 19 Pandemic, forcing OPEC and OPEC + to cut daily production quota by member states in a bid to reduce supply glut and shore up the price.
