Marcel Salikhov, Director of the Center for Economic Expertise of the National Research University Higher School of Economics, commented to the REGNUM correspondent on the timing of the world oil market recovery.
As Salikhov explained, at present, the accumulated oil reserves continue to decline, which indicates that demand on the world market exceeds supply.
“OPEC continues to expect strong growth in oil demand in 2021, which, however, will not allow it to reach 2019 levels in 2021,” Salikhov said. - The position of OPEC analysts primarily reflects the interests of large oil exporters and the position of the organization itself. Judging by the latest decisions under the OPEC + deal, the organization adheres to rather cautious forecasts about the speed of recovery of the world oil market. Current operational data indicate a fairly rapid recovery in demand in late 2020 and early 2021. ”
“This deficit, of course, is primarily due to the operation of the OPEC + agreement, but namely it helped bring oil prices back to the level of $ 60 per barrel and above,” Salikhov said. - Most likely, the growth in demand will be stronger than OPEC expects. The main factor for demand now is the speed of the global economic recovery."
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