OPEC: Global Oil Supply Disruptions Boosting Demand

OPEC predicted stronger demand for its crude on a combination of rising global fuel consumption and output disruptions elsewhere.
The latest data from the group indicate that the world will continue to face an oil supply deficit in the coming months even as its members revive idle production, Bloomberg reported.
Despite the threat of the delta variant of Covid-19, fuel consumption is recovering while crude production from the North Sea to the US and Mexico comes in lower than anticipated.
“The global economic recovery, in combination with a considerable rebound in mobility, significantly lifted oil demand growth in the first half,” according to a monthly report from the Organization of Petroleum Exporting Countries’ Vienna-based secretariat published on Monday. 
“While this dynamic is forecast to soften towards the end of 2021,” the overall trend is positive.
The world’s appetite for OPEC crude was revised up by 260,000 barrels a day for this year, compared with last month’s estimate, largely due to supply disruptions outside the group.