The US Energy Information Center administration, in a report released on Tuesday, expected a rise in global oil demand to more than 100 million barrels per day in 2021.
Over the course of 2020, the Energy Information Center administration expected that the average global consumption of oil will reach 93.1 million barrels per day, down 8.1 million barrels per day from the average in 2019, before increasing by 7 million barrels per day in 2021.
The report estimated the average demand for petroleum and liquid fuels at 93.4 million barrels per day last July, down 9.1 million barrels per day compared to the July 2019 average, but it rose from an average of 85.0 million barrels per day during the second quarter of 2020, where it decreased by 15.8 Million barrels per day from last year's levels.
The report said that the average global production of oil reached 91.8 million barrels per day in the second quarter of 2020, down 8.6 million barrels per day on an annual basis.
He attributed this decline to "voluntary cuts in production by the Organization of the Petroleum Exporting Countries (OPEC) and partner countries (OPEC +), and cuts in drilling activity and production cuts in the United States due to lower prices."
The Energy Information Center expects the global supply of oil to continue to decline to 90.4 million barrels per day in the third quarter of 2020, before rising to an annual average of 99.4 million barrels per day in 2021.
According to the center's data, spot Brent crude prices averaged $ 43 per barrel in July, up $ 3 from the average in June.
The center expects that the average spot price of Brent crude will reach 43 dollars per barrel during the second half of 2020, and that it will rise to an average of 50 dollars in 2021.
The center said that the decline in economic activity linked to the Corona pandemic has caused changes in the patterns of demand and supply for energy in 2020.
"Doubts persist in our forecasts for all energy sources, including liquid fuels, natural gas, electricity, coal and renewable energy," he added