Oil booms on OPEC’s demand recovery anticipation

The alliance of leading oil producer's globally, OPEC, on Thursday said that a major recovery in oil demand would be witnessed during the second half of 2021.

  • On 12 March 2021, Brent Crude Oil futures traded at US$69.63 a barrel at 11:40 AM AEDT, recovering over ~2.54% from the previous close.
  • In its monthly report, OPEC stated that the crude oil demand would rise by 5.89 million barrels per day in 2021. The new estimate records a 6.5% increase in the demand anticipated in the last month’s publication.
  • OPEC foresees the oil demand to grow to 96.3 million barrels with major consumption recovery during the second half.
  • The new estimates support OPEC's decision earlier this month to extend the supply cuts in the month of April.
  • Saudi Arabia has also extended the voluntary 1 million bpd production cut, which was earlier came into effect originally from 1 February 2021 for a 2-month period.

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