OPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China despite uncertainties stemming from the pandemic, pointing to a need for more oil from the producer group.
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A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
OPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China despite uncertainties stemming from the pandemic, pointing to a need for more oil from the producer group.
In a monthly report on Thursday, the Organization of the Petroleum Exporting Countries said demand would rise by 6.6% or 5.95 million barrels per day (bpd) this year. The forecast was unchanged for a second consecutive month.
The report s forecast comes despite a slower-than-expected recovery in the first half of this year and as it warns of significant uncertainties such as the potential emergence of new variants of the coronavirus.
The Libyan National Oil Corporation (NOC) plans to raise oil production capacity to 2.1 million barrels per day (bpd) over the next few years from the current capacity of over 1.3 million bpd, Mustafa.