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The ongoing recovery in economic activity this year, coupled with vaccine availability and COVID-19 immunity that may help stem the tide of the virus in the near future, are fuelling optimism in the oil markets.
The latest KAPSARC Oil Market Outlook for Q1 2021 forecast that the total global oil demand is expected to increase year-on-year by 4.2 million barrels per day (MMb/d) this year and reach a yearly average of 96 MMb/d. Global oil demand is expected to further grow by 3.5 MMb/d in 2022, returning to pre-pandemic 2019 levels by the third quarter of 2022.
In its analysis, KAPSARC notes that these growth projections are contingent on the success of virus containment measures and the continuation of economic stimulus packages rolled out by governments worldwide.
KAPSARC examined several other factors impacting the oil markets over the near to medium term:
Download the full report for key findings from the quarterly KAPSARC Oil Market Outlook and more insights into the future of oil.