Highlights 2021 oil demand to rise by over 6 million b/d Oil supply to rise 3 million b/d with OPEC+ dominant supplier Refinery closures inevitable on slow demand growth, biofuels Global oil demand will rise in 2021, but not enough to surpass 2019 levels as the coronavirus pandemic continues to weigh on transportation fuel demand, especially jet fuel, according to S&P Global Platts Analytics. “Oil demand will rebound by more than 6 million barrels b/d in 2021, but consumption is still expected to be more than 2 million b/d below that of 2019’s 101.9 million b/d. Why? The global middle class – the real engine of oil demand – faces continued pressures from wealth inequality and the ongoing COVID-19 cloud,” said Chris Midgley, Global Head of S&P Global Platts Analytics, on Dec. 11. The outlook presumes a recovery […]