OPEC: Oil market stabilization expected in H2 2020

OPEC: Oil market stabilization expected in H2 2020
  • Clock-gray 10:52
  • calendar-gray 15 July 2020

The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report published on Tuesday that the oil market is expected to begin gradual stabilization in the second half of the year, APA-Economics reports citing Tele Trader.

Global oil demand is projected to register a historical growth of 7 million barrels per day in 2021, but still remain below the pre-crisis level. In the same report, the OPEC claimed that the world's GDP will grow 4.7% in 2021 if major economies successfully contain the coronavirus pandemic and provide "massive" relief to negate the impact of the crisis.

Still, the 2021 outlook remains uncertain, the report noted, emphasizing the importance of cooperation between OPEC and non-OPEC countries in the stabilization of the global oil market and the world economy

Emil Ismayilov

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