Demand for OPEC-sourced crude oil will recover 25% in 2021 and surpass levels seen in 2019, the global coalition of producers said in a TuesdayOPEC crude demand projections for 2020 were revised slightly higher as well but remain well below pre-pandemic highs.
World oil demand won't fully recover until after 2021, OPEC said, as the increase forecasted for next year still pales in comparison to the demand decline seen in 2020. Demand for oil products is expected to recover by a record amount, but"efficiency gains, including teleworking and teleconferencing, may cap oil demand gains in 2021 to remain below pre-crisis levels of 2019," OPEC added.Demand for OPEC's crude oil is set to bounce back next year at a historically quick pace, the global coalition said in its JulyOPEC expects demand for its product to spike roughly 25% to 29.
Total oil demand won't fare as well, OPEC said. Next year is expected to show demand jumping 7 million barrels per day to 97.7 million barrels per day. Yet the historically large increase still fails to retrace the 8.9 million barrels per day decline forecasted for 2020. Demand for gasoline, diesel, and other oil products are projected to recover by a record amount, OPEC said. However,"efficiency gains, including teleworking and teleconferencing, may cap oil demand gains in 2021 to remain below pre-crisis levels of 2019," the group added.
Did they make this projection in a vacuum? Do they have windows? Or is it a letter to Santa Claus?
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