Shafaq News/ The Organization of Petroleum Exporting countries (OPEC) said in its monthly report that global oil demand will soar by a record 7 million barrels per day in 2021 as the world economy recovers from the pandemic of Covid-19 virus, But remains below 2019 levels.

It was the first report in which OPEC assessed oil markets next year. It said the forecast assumed no further downside risks materialised in 2021 such as U.S.-China trade tensions, high debt levels or a second wave of coronavirus infections.

“This assumes that COVID-19 is contained, especially in major economies, allowing for recovery in private household consumption and investment, supported by the massive stimulus measures undertaken to combat the pandemic,” OPEC said.