Oil demand in 2021 may recover by 5.5 million bp, while reserves may decline

10:36 12.03.2021 1228

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Oil demand in 2021 may recover by 5.5 million b / d, Russian Deputy Prime Minister Alexander Novak said, INTERFAX reports.

According to him, the oil market is currently in a more stable situation, including thanks to the OPEC+deal. Demand is gradually recovering. Last year, it fell in the world as a whole by 20-22 million b/s. During this time, it recovered by about 15-17 million b/s. And this year, we expect the overall recovery in demand to be somewhere around 5.5 million b/d. The final recovery of pre-crisis demand is expected in 2022, " Novak said.

"There is a shortage in the market at the current time, which allows us to reduce the accumulated stock balances. And we expect that this year oil reserves will fall to the average 5-year value," he added.

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