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Oil Market Update – Q1 2021: (Small bump on the road to recovery)

The recovery in global oil demand reversed course during the first quarter of 2021, with OPECs monthly oil market report showing declines of 780 thousand barrels per day (tbpd) or -0.8 percent quarter-on-quarter in Q1. Looking ahead, according to OPEC forecasts, oil demand will resume rising on a quarterly basis during the rest of the year, but still end up 3.5 percent lower than pre-Covid-19 levels by the end of 2021.