Photo taken on April 9, 2020 shows pump nozzles at a gas station in Brussels, Belgium. (Xinhua/Zhang Cheng)
While the oil market is still ravaged by the COVID-19 crisis, gradual stabilization is expected to begin in the second quarter of 2020, OPEC said in a monthly report.
VIENNA, July 14 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) predicts that global oil demand will register a historic high growth of seven million barrels per day (b/d) in 2021, although it will remain far below the pre-COVID-19 level.
While the oil market is still ravaged by the COVID-19 crisis, gradual stabilization is expected to begin in the second quarter of 2020, prompting cautious forecasts of renewed growth in 2021, according to OPEC's monthly report published on Tuesday.
The Organization for Economic Cooperation and Development (OECD) and the non-OECD oil producers will contribute around 3.5 million b/d to growth separately in 2021, it said.
Spot crude oil prices continued to rise in June for the second consecutive month, driven by a drop in global oil surplus, further improvements in oil market fundamentals, as well as expectations that the oil market would tighten further in the second quarter of this year, the report said.
OPEC forecasts a 4.7-percent global economic growth in 2021 following a contraction of 3.7 percent this year, assuming that COVID-19 is contained, especially in major economies.
OpenAI pauses ChatGPT voice after Scarlett Johansson comparisons
US, UK issue new sanctions on Iran in response to attack on Israel
Firefighters to tackle scaffolding dangling outside ruins of fire
US envoy to UN visits Nagasaki A
Should you claim child benefit? What it's worth
Olympic sports bodies criticize track and field's move to pay $50,000 for Paris gold medalists
Two French schoolgirls aged six and 11 are stabbed by knifeman near their school
Closing prices for crude oil, gold and other commodities
Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored
Hurricanes overcome yellow cards to beat Fijian Drua 38
Seven sneaky clauses in estate agent contracts that can cost you dear
Scientists uncover missing link between junk food and cancer