Excerpt: “Global oil market conditions improved significantly in 2021 after an exceptionally disruptive 2020, despite the emergence of several new COVID-19 variants with uneven severity and impact on the global economy and oil demand. World oil supply/demand fundamentals improved markedly in 2021, along with a robust rebound in global GDP growth of 5.6% amid large economic stimulus packages and the rollout of vaccinations across the world, which improved market sentiment and boosted global oil demand outlooks. OPEC Member Countries and non-OPEC countries participating in the Declaration of Cooperation (DoC) continued to play a central role in contributing to reducing market uncertainty and volatility. Oil prices continued to increase throughout the year, averaging significantly higher year-on-year (y-o-y) in 2021.”
Report
(108 pages)
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