Moneycontrol Pro Panorama | Is the oil market heating up?
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Consumers worried about Rs 100 per litre petrol prices better watch out. The Organization of the Petroleum Exporting Countries (OPEC) is projecting a notable rise in demand for crude oil in the second half of 2021. As major economies reopen, global demand is projected to rise about 5 percent to 99 million barrels of crude oil per day from the first half of the current year.
“Improvements in pandemic containment efforts and seasonal summer demand will allow for positive expectations for 2H21,” OPEC said in its monthly oil report.
Inventories and the existing production can meet upcoming demand. But supplies can remain tight. As more countries vaccinate their citizens and reopen their economies, demand will rise further. (Do check out herd immunity tracker to see how India is doing on vaccination.)
Can crude oil supplies keep pace? …
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