The Organization of Petroleum Exporting Countries (OPEC) expected, on Monday, that global demand for oil will exceed its level before the pandemic next year, prompted by the vaccination campaign and economic recovery.
"With the increase in vaccination rates, it is expected that the Covid-19 epidemic will be better managed and economic and transport activities will return to pre-Covid levels," the organization announced in its monthly report.
As a result, demand growth next year should reach 4.2 million barrels per day, or 0.9 million barrels per day more than forecast a month ago, to achieve global demand of 100.83 million barrels per day.
This will exceed pre-pandemic levels, according to OPEC.
These optimistic forecasts - which do not address the impact of this recovery on climate change - come at a time when the organization (and "OPEC Plus") begins to increase production after it was reduced during the crisis to support prices.
Thus, in early September, OPEC + approved its strategy set in mid-July to resume production.
In August, OPEC countries slightly increased their production by 151,000 barrels per day over the course of one month, bringing their total production to 26,762 million barrels per day, according to secondary (indirect) sources mentioned in the report published Monday.
Thus, large producers such as Saudi Arabia, the United Arab Emirates and Iraq have pumped more, while production has fallen sharply on the other hand in Nigeria.
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