Global demand for oil increases - Vienna Energy Research Group

Oil Analytics 28 June 2021 13:48
Teheran, Iran Trend News Agency
Global demand for oil increases - Vienna Energy Research Group

It is predicted that global demand would exceed 100 million barrels of oil per day in the second half of 2021, said the president of Vienna Energy Research Group.

"Although there was a sharp decline of global demands hit oil production in oilfields especially shale oil but Coronavirus vaccination and returning to the normal situation has improved global oil demand in the first half of 2021 which are estimated to be 94.5 million barrels per day," said Fereydoun Barkeshli, Trend reports citing Mehr News Agency.

"There are contradictory reports about global oil market situation from one side environmentalists and the International Energy Agency that forbidding investment in oil and gas sector while market noticed changes in demand and supply," he noted.

"Currently around 5.5 million barrels of oil per day that produced by Iran and Venezuela are under sanction and the market striving for more oil. OPEC and other international organizations have never set a ceiling for the oil price," he said.

"The solution for the crisis in the market is setting a ceiling, the unprecedented factors in low price derive from the US long term sanction policies," Barkeshli added.