|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Oil, Mining & Energy (Click here for more)

Oil Demand to Increase by 6.5 Million Bpd in 2021, OPEC Says



DUBAI – Demand for oil has fallen by 9.8 million barrel per day in 2020 due to the coronavirus pandemic, but it is expected to recover by 6.5 million in 2021, OPEC Secretary-General Mohamed Barkindo said on Monday.

Barkindo set out the forecast during a virtual conference at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).

The average annual demand for oil stands at around 90.2 million barrel per day, nearly 10 percent less than last year’s 100.1 million, the secretary general of Organization of the Petroleum Exporting Countries added.

During the toughest moments of the international coronavirus lockdown, the demand fell to 75 million barrel per day.

Russian Deputy Minister of Energy Pavel Sorokin said at the conference that it would take two to three years for the demand to reach pre-pandemic levels.

Easing the tension between the United States and China could boost demand, UAE Minister of Energy Suhail Al Mazaroui said.

Saudi Minister of Energy Abdul-Aziz bin Salman said that the deal struck by OPEC+ members in April to stabilize the oil prices could be extended to 2022.

He expressed his country’s readiness to modify the output cuts stipulated in the deal – that ended a pricing war between the kingdom and Russia – provided there is consensus among the members.

The deal reduced the production by nearly 9.7 million barrel per day during an initial phase that concluded on July 31. The next phases ease the cut to 7.7 million until the end of the year.

Although the participants in this event, representatives of some of the main oil-producing countries, reaffirmed their commitment to improve the efficiency of their products and reduce carbon emissions, they do not anticipate a decrease in demand for crude oil in the short or medium term.

The CEO of the state-run Abu Dhabi National Oil Company (ADNOC), Ahmed Al Jaber, said: “We expect that oil demand will grow to over 105 million barrels per day by 2030, and continue to supply over half the world’s energy needs for many decades to come.”

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2020 © All rights reserved