UAE says global oil demand has increased to 95 million barrels per day

China Petrochemical News Network reported on May 21, according to the oil price network, according to Abu Dhabi National Oil Company (ADNOC) CEO Sultan Ahmed Al Jaber, oil demand has increased to 95 million barrels per day, and the market is rebalancing.

Almost all of ADNOC's oil comes from the United Arab Emirates, one of OPEC's largest oil producers.

At the Colombian Global Energy Summit, Al Jaber also pointed out that since the oil price plummeted in 2015-2016 and the industry downturn, investment in oil and gas has declined in the past five years, and the company adheres to capital discipline.

In the latest "Monthly Oil Market Report", OPEC expects global oil demand in the second quarter of this year to be 94.

However, the organization raised its oil demand forecasts for the third and fourth quarters of 2021 by 150,000 barrels per day and 290,000 barrels per day, respectively.

Overall, OPEC is optimistic that, compared with 2020, the acceleration of vaccination programs and rising fuel demand will increase the global average oil demand by 5.

Earlier this week, Russian Deputy Prime Minister Alexander Novak stated that the current oil market is fairly balanced and demand slightly exceeds supply.

The International Energy Agency (IEA) stated in a May report that last year’s surplus oil inventories have been basically exhausted, and the strong rebound in demand in the second half of this year may lead to further reductions in inventories.

Cao Haibin excerpted and translated from the oil price network

The original text is as follows:

UAE: Oil Demand Has Already Increased To 95 Million Bpd

Oil demand has already increased to 95 million barrels per day (bpd), and the market is rebalancing, according to the chief executive of the Abu Dhabi National Oil Company (ADNOC), Sultan Ahmed Al Jaber.

ADNOC pumps nearly all the oil in one of OPEC's largest producers, the United Arab Emirates (UAE).

Speaking at the virtual Columbia Global Energy Summit, Al Jaber also noted—as carried by Reuters—that investments in oil and gas had declined in the past five years with companies sticking to capital discipline since the previous oil price crash and industry downturn in 2015- 2016.

In its latest Monthly Oil Market Report, OPEC sees global oil demand at 94.

However, the organization raised its outlook for oil demand for both the third and fourth quarters of 2021 by 150,000 bpd and 290,000 bpd, respectively.

As a whole, OPEC is optimistic that accelerating vaccination programs and rising fuel demand will raise average global oil demand by 5.

Earlier this week, Russia's Deputy Prime Minister Alexander Novak said that the oil market is fairly balanced at present, with demand slightly exceeding supply.

The excess oil inventories of the past year have been all but depleted, and a strong demand rebound in the second half this year could lead to even steeper stock draws, the International Energy Agency (IEA) said in its report for May, keeping an upbeat forecast of global oil demand despite the weaker-than-expected first half of 2021.