OPEC expects to emerge from the pandemic with a greater share of global oil sales, after 2020’s price downturn battered rivals in the U.S. and elsewhere.
The Organization of Petroleum Exporting Countries boosted forecasts for the amount of oil it will need to supply over the next four years, shifting last year’s prediction that it would lose market share until the middle of the decade.
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World oil demand will return to pre-crisis levels in 2022, by which time the group will need to provide 34.3 million barrels a day, or about 1.4 million more than previously projected. The 13-member cartel controls about a third of global supplies.
The turnaround would provide some breathing space for OPEC and its allies, who have halted vast amounts of crude production this year while the coronavirus shock depresses fuel demand. OPEC pumped 24.4 million barrels a day of crude in September, according to Bloomberg data.