• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, August 27, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

World Oil Demand to grow by 5.4 mb/d in second quarter of 2021- IEA

February 12, 2021
Stephen M.Cby Stephen M.C
in Sub Top Stories, Around the Globe, Sub Top Stories1
0
Global Brent Crude to rise sharply to $65/b by mid-2021- Goldman Sachs

Global demand for oil is forecasted to grow by 5.4 mb/d to reach 96.4 mb/d in the second half of 2021, thereby recouping about 60% of the volume of demand lost to the pandemic in 2020, according to the International Energy Agency (IEA).

Based on the report, a more favourable economic outlook will bolster demand in the second half of the year. This positive outlook is emboldened by a pledge from the Organization of Petroleum Exporting Countries (OPEC+) to speed up the drawdown of oil inventories.

Although hopeful about a rebound in the early part of 2021, the spread of new strains of the COVID-19 virus in much of Europe and the delay in vaccine rollout short-circuited the much anticipated robust recovery entering into 2021. Thus, the spill over effects from an already low demand of oil in the fourth quarter of 2020 continued into 2021, and rather informed the need to lower expectations by 1mb/d in Q1, 2021.

RelatedPosts

Billions Still Lack Access To Safe Drinking Water

UN Decries Deadly Israeli Strikes On Gaza Journalists

Ghana Secures $300m Relief in IPPs Debt Talks

oil

Other developments in the oil market, such as the prospect of tighter markets raised benchmark crude oil prices from $57/bbl to $60/bbl. In January, Global oil supply increased from 590kb/d to 93.6mb/d, as OPEC+ cuts eased and non-OPEC + pumped more. In February 2021, global oil supply is projected to fall as Saudi Arabia implements a huge voluntary cut. Accordingly, the outlook is improving for countries outside the OPEC+ alliance, with an 830kb/d gain expected in 2021 compared with a 2020 loss of 1.3 mb/d.

According to the International Energy Agency, ICE Brent crude futures rose above $60/bbl in early February 2021.  Crude oil prices were driven up by paper markets/ futures markets during the period, reflecting a favourable economic outlook for the second half of 2021 and OPEC+ supply cuts. Also, physical markets, where buyers physically meet with sellers for transactions lagged crude oil futures as there were delays in clearing cargoes of crude oil.

With regards to refinery activities, quantities of refined oil declined modestly to 110 kb/d in December 2020. However, expectations are that growth in refinery quantities will fall by 1.8 mb/d y-o-y in first quarter of 2021, but annual growth is expected to be pick up from the second quarter of 2021 onwards. Furthermore, most of the gains will come from the Atlantic Basin, where refinery activity is recovering from a lower base. A cursory look at performance in 2020 reveal that the Atlantic Basin refinery intake fell to 38.7 mb/d, the lowest ever recorded by IEA.

Considering the feeble outlook of the oil market and consequently, oil demand throughout the whole of last year and the beginning of this year, OPEC+ has reassured market players of its commitment to help eliminate the massive overhang in oil stock that built up last year. Oil inventories have been declining since Q3 of 2020.

As a consequence, Saudi Arabia has promised to cut oil supply by an extra 1 mb/d this month and March too. This comes, following the current production policy of the group which calls for majority of its members to hold supply steady through March. OPEC+ ministers are due to meet in early March to discuss policy for April 2021.

READ ALSO: World Oil Demand Forecasted to Grow in 2021- OPEC

Tags: Crude Oil PricesforecastGlobal oilOil inventoriesOilmarketOPEC
Please login to join discussion
Previous Post

China bans BBC World News for content ‘violation’

Next Post

REPRESENTATIVE OF EMPIRE REVEALS WHY THEY SELECTED KIDI FOR THEIR RECENT DEAL

[mc4wp_form id="1264"]

Related Posts

Absa Bank Crowned Bancassurance Leader at 2025 Ghana Insurance Awards
Banking

Absa Bank Crowned Bancassurance Leader at 2025 Ghana Insurance Awards

August 27, 2025
Billions Still Lack Access To Safe Water
Around the Globe

Billions Still Lack Access To Safe Drinking Water

August 27, 2025
Fidelity Bank Sparks Climate Finance Revolution with “Orange Goes Green” Webinars
Banking

Fidelity Bank Sparks Climate Finance Revolution with “Orange Goes Green” Webinars

August 27, 2025
MobileMoney LTD Launches “Shine Your Eye” Campaign to Tackle MoMo Fraud
Vaultz Business

MobileMoney LTD Launches “Shine Your Eye” Campaign to Tackle MoMo Fraud

August 27, 2025
Elon Musk Calls Farage “Weak Sauce” In Clash
UK

Elon Musk Calls Farage “Weak Sauce” In Clash

August 27, 2025
NPP flagbearer race
General News

NPP Flagbearer Race Risks Party Stability

August 27, 2025
Absa Bank Crowned Bancassurance Leader at 2025 Ghana Insurance Awards
Banking

Absa Bank Crowned Bancassurance Leader at 2025 Ghana Insurance Awards

by Stephen M.CAugust 27, 2025
Billions Still Lack Access To Safe Water
Around the Globe

Billions Still Lack Access To Safe Drinking Water

by Lawrence AnkutseAugust 27, 2025
Fidelity Bank Sparks Climate Finance Revolution with “Orange Goes Green” Webinars
Banking

Fidelity Bank Sparks Climate Finance Revolution with “Orange Goes Green” Webinars

by Stephen M.CAugust 27, 2025
MobileMoney LTD Launches “Shine Your Eye” Campaign to Tackle MoMo Fraud
Vaultz Business

MobileMoney LTD Launches “Shine Your Eye” Campaign to Tackle MoMo Fraud

by Stephen M.CAugust 27, 2025
Elon Musk Calls Farage “Weak Sauce” In Clash
UK

Elon Musk Calls Farage “Weak Sauce” In Clash

by Lawrence AnkutseAugust 27, 2025
NPP flagbearer race
General News

NPP Flagbearer Race Risks Party Stability

by Lilian AhedorAugust 27, 2025
Absa Bank Crowned Bancassurance Leader at 2025 Ghana Insurance Awards
Billions Still Lack Access To Safe Water
Fidelity Bank Sparks Climate Finance Revolution with “Orange Goes Green” Webinars
MobileMoney LTD Launches “Shine Your Eye” Campaign to Tackle MoMo Fraud
Elon Musk Calls Farage “Weak Sauce” In Clash
NPP flagbearer race
[/vc_row_inner]

Recent News

  • Absa Bank Crowned Bancassurance Leader at 2025 Ghana Insurance Awards
  • Billions Still Lack Access To Safe Drinking Water
  • Fidelity Bank Sparks Climate Finance Revolution with “Orange Goes Green” Webinars
  • MobileMoney LTD Launches “Shine Your Eye” Campaign to Tackle MoMo Fraud
  • Elon Musk Calls Farage “Weak Sauce” In Clash
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.