Open AccessKAPSARC Oil Market Outlook
Publication year - 2021
Language(s) - English
Resource type - Reports
DOI - 10.30573/ks--2021-rt01
Subject(s) - gross domestic product , quarter (canadian coin) , real gross domestic product , economics , agricultural economics , monetary economics , international economics , geography , macroeconomics , archaeology
Total global oil demand is expected to increase year-on-year (YoY) by 4.2 million barrels per day (MMb/d) in 2021 and further grow by 3.5 MMb/d in 2022, returning to 2019 levels by the third quarter (Q3) 2022. The International Monetary Fund (IMF) predicts economic growth of around 5.4% in 2021, compared with a decline in real gross domestic product (GDP) in 2020 of -4.4%. However, KOMO estimates a forecast more in line with the OECD’s outlook for growth (4.2%), which presumes that GDP levels will only reach 2019 levels by the end of 2021.