Wednesday, 17 Mar 2021 10:56 PM MYT
Yet by standing firm and not easing its output curbs, Opec+ may be contributing to the slow recovery by pushing up prices, Standard Chartered said in a report. This, despite still weakened demand. Global oil demand fell by almost 10 per cent due to the pandemic in 2020 from more than 100 million barrels per day in 2019.
“We see significantly higher pump prices in developing countries, which can undermine demand growth, especially beyond the structural rebound from the pandemic lows,” said Cuneyt Kazokoglu, head of oil demand analysis at FGE.Fuel prices have touched record highs in parts of India, and have already hit demand.
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