With the successful tackling of the coronavirus pandemic, there are indications that the global oil demand would rise from 93.22 million barrels per day, mb/d to 97.94 mb/d, thus recording an increase of 5.06 per cent between the first and fourth quarter of 2021, according to the Organisation of Petroleum Exporting Countries, OPEC.
This appears to be good news for Nigeria, and other oil-dependent countries, whose economies were greatly affected by the pandemic, which culminated in lockdown, limited demand, price collapse, low revenue, and by extension slide in the Gross Domestic Product, GDP. However, in its February 2021 Oil Market Report, made available to newsmen, the organisation, stated that Quarter on Quarter, QoQ, the global oil demand would stand at 93.22 mb/d in the first quarter (January – March) of 2021, showing an increase of 0.13 per cent compared to 93.10 mb/d recorded in the corresponding period of 2020.
It further showed that QoQ, it would rise to 95.92 mb/d in the second quarter (April-June) of 2021, indicating an increase of 14.4 per cent, compared to 83.82 mb/d recorded in the corresponding period of 2020. Also, it showed that the demand would hit 97.02 mb/d in the third quarter (July-September) of 2021, showing an increase of 6.4 per cent, compared to 91.18 mb/d, recorded in the corresponding period of 2020.
The report, which did not provide Month on Month, MoM estimates, also showed that the demand would further rise to 97.94 mb/d in the fourth quarter of 2021, indicating an increase of 4.3% compared to 93.89 mb/d recorded in the corresponding period of 2020.