Global oil demand will rebound strongly in the second half of 2021 with oil inventories shrinking, OPEC’s chief and experts said on Tuesday while warning that coronavirus variants pose a risk to the recovery.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together known as OPEC+, meet on Thursday and sources and market watchers have said they expect the group to discuss a further gradual easing of existing oil production curbs from August. read more
OPEC watchers have said the group could boost output by more than 1 million barrels per day (bpd), a more modest 0.5 million bpd or even leave production levels unchanged.
OPEC+ sources said no unanimous decision or recommendation emerged from OPEC+ expert consultations on Tuesday.
OPEC+ will now hold the joint ministerial monitoring committee (JMMC) meeting on July 1, a day after it was previously planned, a letter seen by Reuters showed.
Demand in 2021 was expected to grow by 6 million bpd, with 5 million bpd of that in the second half, OPEC Secretary General Mohammad Barkindo told Tuesday’s meeting of experts, known as the Joint Technical Committee.