- With just over two weeks to go before the largest coordinated crude oil supply cut in the world is set to expire, the 23-nation club that is OPEC+ gathered to discuss that very issue.
- OPEC itself predicts that world oil demand by rebound by 7 mmb/d in 2021 from an average of 90 mmb/d in 2020, with demand for OPEC crude surging by 25% in 2021 to an average of 29.8 mmb/d.
- The OPEC+ technical committee has directed the countries to make an additional 842,000 b/d of cuts, which would be able to blunt the net rise in OPEC+ production to just over 1 mmb/d instead of a full 2 mmb/d.
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