The supply/demand mis-match in the oil market seen earlier this year causing prices to plunge is changing, according to the July OPEC report, suggesting higher prices on the horizon. The report says that global oil demand in 2021 will recover strongly registering historical high growth of 7 million bpd although demand will remain below pre-COVID-19 levels. While positive, the report notes that the outlook for 2021 ‘remains dependent on considerable uncertainties, both to the upside and the downside’. OPEC+ will also rein in production cuts from August by 2 million bpd to 7.7 million until December as global economic ... (full story)