6 days ago • Posted by William Ramstein
Accelerating oil demand will shrink global glut according to OPEC
Remember last year when there was so much oil we didn't know what to do with it? Some suggested a great way to cash in was to fill up your swimming pool with oil (a sort of store of oil for later). Today, OPEC believes demand for oil will start tapping into this surplus supply. Rising consumption of transportation fuels like gasoline mean oil demand will increase to 99 million barrels a day in the second half of 2021, a 5% increase on its level in the first six months of the year.