The Oil Industry's 2021 Outlook Looks Bleak

The Oil Industry's 2021 Outlook Looks Bleak

Crude oil prices were in the $60s, fueled by the view that demand growth was on track to accelerate. Heading into 2020, most oil market forecasters expected continued growth in oil demand. For example, in the International Energy Agency's (IEA) January oil market report, it foresaw another 1.2 million barrel per day increase in global oil demand for the year, which was on top of last year's 1.1 million BPD growth.