Oil Demand Predicted to Remain Low in 2021 Amid New Lockdowns
January 12, 2021 05:33 ET | Source: Research and Markets Research and Markets
Dublin, Jan. 12, 2021 (GLOBE NEWSWIRE)
The decrease in global petroleum consumption sent oil prices lower in April 2020. As a result, OPEC and other oil producers agreed to cut production levels by 7.7 million bpd to stabilize global oil markets. A meeting on Tuesday January 5th 2021, saw OPEC agree to keep production broadly steady in February and March with production cuts of 7.125 million bpd and 7.05 million bpd respectively, as a result of the surge in COVID-19 cases and the new lockdowns imposed to curb the spread of the virus. In response to the agreement, US oil prices rallied past the $50 mark while Brent, the global oil benchmark, traded at $53.60 per barrel.