The latest monthly report issued by the Organization of the Petroleum Exporting Countries, OPEC, showed that expectations of global oil demand growth in 2021 have been revised down to 5.79 million barrels per day from 5.9 million barrels per day in the previous report. However, it has been indicated that the global economy is showing signs of recovery in the current 2021 year, but the demand for oil is currently slowing.
In this context, it was expected that the demand for oil will increase in the second half of 2021. The forecast for the growth of total non-OPEC supplies in 2021 has been reduced to 670 thousand barrels per day compared to the previous expectations of 850 thousand barrels per day. It should be noted that oil production by OPEC increased by 180 thousand barrels per day in January to 25.50 million barrels per day.