After rising to a three-year high, oil fell slightly. But demand for it will grow, OPEC predicts

oil rig

A barrel of brent oil traded for more than $ 80 earlier this week. It was the highest price since October 2018. Shortly afterwards, however, oil fell in price and even fell below $ 77.

Brent crude oil reached a three-year high to return below $ 77 shortly thereafter. But according to the Organization of the Petroleum Exporting Countries (OPEC), the world must prepare for the growing demand for black gold as a result of the reviving global economy. It is possible that the price of a barrel of oil will soon exceed $ 80 again.

According to OPEC, the demand for oil should increase at least until 2023, when it can climb over 101 million barrels per day. It would exceed the level of 2019 barrels by 1.6 million barrels, ie before the onset of the coronavirus pandemic.

Last year, the average daily oil consumption was 90.6 million barrels, and this year six million barrels more are expected per day. In 2022, the daily average should stop just 100,000 barrels a day below the 100 million mark. In the coming years, global demand for oil is expected to increase only slightly and could culminate around 2035, OPEC predicts.


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