The Organisation for Economic Co-operation and Development (OECD) crude demand is seen climbing by 2.6 million bpd this year to amount to 44.6 million bpd, while non-OECD demand is expected to jump by 3.3 million bpd to average 51.6 million bpd.
"Oil requirements in 1H21 are adjusted lower, mainly due to extended measures to control COVID-19 in many key parts of Europe. In addition, elevated unemployment rates in the US slowed the recovery process. In contrast, oil demand in 2H21 is adjusted higher, reflecting expectations for a stronger economic recovery with the positive impact of vaccination rollouts," the OPEC's monthly report said.