OPEC sees record rise in global oil demand in 2021

Representative image. Credit: AFP Photo

Global oil demand will soar by a record 7 million barrels per day in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report.

It was the first report in which OPEC assessed oil markets next year. It said the forecast assumed no further downside risks materialised in 2021 such as US-China trade tensions, high debt levels, or a second wave of coronavirus infections.

"This assumes that Covid-19 is contained, especially in major economies, allowing for recovery in private household consumption and investment, supported by the massive stimulus measures undertaken to combat the pandemic," OPEC said.