Business News of Tuesday, 13 July 2021Source: www.ghanaweb.com•The IEA has projected global oil demand to increase by 5.4 million barrels per day (bpd) in 2021•Demand for oil is also expected to increase by a further 3 million barrels per day in 2022•Oil markets however are likely to remain volatile until there is clarity on OPEC+ production policyThe International Energy Agency (IEA) has said global oil demand is projected to increase by 5.4 million barrels per day (bpd) in 2021. According to the agency’s latest monthly report, demand for oil is also expected to increase by a further 3 million barrels per day in 2022. Despite this, the IEA has warned that global oil markets are likely to remain volatile following a breakdown in talks between OPEC members and their non-OPEC allies. “Oil markets are likely to remain volatile until there is clarity on OPEC+ production policy. And volatility does not help ensure orderly and secure energy transitions — nor is it in the interest of either producers or consumers,” the IEA said.

Source: GhanaWeb July 13, 2021 11:03 UTC