Global oil demand in 2021 will be slightly revised and will amount to 5.6 million barrels per day instead of 5.9 million, said the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Sanusi Barkindo during the 28th meeting of the Joint the ministerial monitoring committee via videoconference.
According to him, in the spring of 2020, oil-producing countries faced a drop in demand and, as a result, oil prices. However, in April 2020, important adjustments in hydrocarbon production took place, according to a message on the organization’s website.
Positive changes in the oil market give hope to the industry, the OPEC secretary general added, but the difficult situation and its volatility remain, he said.
“Expectations for global economic growth in 2021 are now higher at 5.1%, compared to 4.8% announced at the last meeting,” Barkindo continued.
However, the forecast for economic growth may be revised. “The global demand for oil in 2021 will be slightly revised and will amount to 5.6 million barrels per day, and we need to keep in mind that demand has decreased by a huge 9.6 million barrels per day in 2020,” the head of OPEC recalled.
The 15th meeting of the OPEC + countries at the ministerial level in the format of a videoconference will take place on April 1.
It became known yesterday that Russian President Vladimir Putin is not planning contacts with the leadership of Saudi Arabia before the OPEC + meeting. Russia is represented at the talks by Deputy Prime Minister Alexander Novak.
In early March, the OPEC + ministerial monitoring committee was held, during which the potential production volumes of the alliance member countries in April were considered. The meeting ended with no recommendation for the unification countries on oil production levels next month.