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OPEC sees stronger demand for oil this year and next

Fuel consumption is recovering while oil production is lower than anticipated, according to the latest update from OPEC.

An offshore oil platform | Photo: Mærsk/Statoil

OPEC predicted stronger demand for its crude on a combination of rising global fuel consumption and output disruptions elsewhere.

The latest data from the group indicate that the world will continue to face an oil supply deficit in the coming months even as its members revive idle production. Despite the threat of the delta variant of Covid-19, fuel consumption is recovering while crude production from the North Sea to the US and Mexico comes in lower than anticipated.

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