Global oil demand is expected to continue to grow into the mid-2030s to 108 million barrels per day (bpd), after which it is set to plateau until 2045, OPEC said in its 2021 World Oil Outlook (WOO) on Tuesday.

OPEC’s timeline for peak oil demand in its 2021 outlook is a few years earlier than in last year’s WOO report, which had forecast that global oil demand would grow steadily until the late 2030s, when it would begin to plateau.

OPEC Sees Global Oil Demand Growing Until 2035 | Devamı>>>

The year-end oil price forecast by the American investment bank JP Morgan was reduced by $5 per barrel.

In the report prepared by JP Morgan, the crude oil price forecast for the end of 2021 was reduced from $83/barrel to $78/barrel.

In addition, the 3rd quarter forecast for global oil demand was reduced by 1 million barrels per day.

Oil Price Forecast by ‘JP Morgan’ Dropped 5 Dollars | Devamı>>>

The overarching challenge of COVID-19 is expected to impair the growth rates in almost all economies over the medium-term. The average OECD growth rate will stand at 0.7% p.a. in the period from 2019 to 2025, compared to the pre-COVID-19 projected growth level of 2.1%p.a.

For non-OECD countries, GDP is expected to grow by 3.4% p.a. on average during the same period, which is more than 1 percentage point lower compared to past projections.

2020 World Oil Outlook 2045 | Devamı>>>

Demand growth for refined oil products will never return to the levels it reached before the coronavirus outbreak, Citigroup said. As the global economy restarts, fewer people will fly and use their cars, analysts including Ed Morse wrote. With meetings going virtual and business no longer needing to move employees around the world in the same way as before, there will be powerful forces pushing a transition away from oil, they wrote in a report.

At its peak, the virus wiped out as much as 30% of total oil demand, and the market is still recovering.

Citigroup Says Oil Demand Will Never Reach Pre-Pandemic Levels | Devamı>>>

Oil demand is set to fall this quarter for the first time since the financial crisis in 2009 due to the coronavirus outbreak in China, the International Energy Agency (IEA) said on Thursday.

“The consequences of Covid-19 for global oil demand will be significant,” the Paris-based IEA said in a monthly report, using the new scientific name for the virus.

Demand in the first quarter of 2020 is expected to fall by 435,000 barrels per day (bpd) compared with a year earlier, it said, noted it would be “the first quarterly decrease in more than a decade”.

Oil Demand Set for First Fall in a Decade as Virus Takes Toll: IEA | Devamı>>>

Brent crude prices topped $70 a barrel for the first time in nearly five months on Thursday as tightening supply continues to offset concerns about slowing global demand and rising US shale production. The international oil benchmark rose as much as 1 per cent to $70.03 a barrel, the highest since mid November.

Its US counterpart, West Texas Intermediate, gained 0.5 per cent to $62.77. Brent has been flirting with the $70-a-barrel milestone this week, with the rally underpinned by Opec’s intentional production cuts and output drops from sanction-hit Venezuela and Iran.

Oil Tops $70 A Barrel for First Time Since November | Devamı>>>