. They have all soared as demand pent up during the pandemic is increasingly unleashed, and producers struggle to keep up.has mirrored the huge swings in global economic activity during the pandemic. After falling sharply as large parts of the global economy were placed in suspended animation during the second quarter of last year, oil demand has rebounded as many rich economies have thawed over recent months.
Demand is set to rise further this year as the global economy is forecast to record one of its fastest expansions in many decades. The Organization for Economic Cooperation and Development said Monday it expects global output to increase by 5.8%, which would be the strongest expansion since 1973. Central bankers have said they expect inflationary pressures to ease toward the end of the year as commodity producers and factories respond to higher prices by raising production. OPEC’s move Tuesday underpinned that view.
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