Demand for petroleum is expected to rebound by 5.5 million barrels per day this year.
The Organization of Petroleum Exporting Countries (OPEC) and its allies have agreed to boost oil production gradually over the next three months in a major bet that the industry will bounce back as vaccines are distributed and the global economy reopens, even as new cases of the virus are rising across the globe. 5.5 million barrels per day. That’s how much global demand for oil is expected to rebound in 2021, according to the International Energy Agency, up from an 8.7 million barrel per day contraction in 2020. “A return to growth lies ahead,” the IEA wrote in its most recent market report, citing colder weather at the start of the year, improved industrial activity in the United States, and the ongoing rollout of vaccines.
