OPEC Annual Statistical Bulletin 2021: World Oil Outlook

When last year’s World Oil Outlook (WOO) was launched in October 2020 much of the world was heading into a second wave of the COVID-19 pandemic. It would see countries enter into renewed lockdowns, with further humanitarian and economic repercussions.

It was a period of continuing massive uncertainty, and for oil, and energy markets, it would require a renewed focus on balancing supply and demand and reestablishing sustainable stability, such as through the Declaration of Cooperation (DoC).

As we headed into 2021, beyond the benefits of the DoC’s production adjustments in bringing down inventory levels, the market was also buoyed by the rollout of vaccines and further global fiscal stimulus. While this year has not been without its challenges, we have not revisited the rollercoaster ride of 2020.

We are optimistic about the path ahead, although it is vital we see further international commitments to support developing countries in acquiring sufficient vaccines, and thus improve the chances for a durable and inclusive recovery.

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