While earlier on, OPEC 2021 forecasts foresaw a healthy recovery in economic activities and a growth in oil demand by 5.9 million barrels per day year on year, OPEC has steadily lowered its demand growth forecasts since. The fluctuation in the forecasts for 2021 is driven by the uncertainty surrounding the COVID-19 pandemic, with the virus spread rate continuing to grow despite the vaccine rollout, and the implementation of new lockdown measures across the world.
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