The Organization of the Petroleum Exporting Countries (OPEC) released its monthly market report on the 11th, predicting that global oil demand will reach an average of 96.3 million barrels per day in 2021, an increase of 5.9 million barrels from 2020.

The report said that due to factors such as the epidemic prevention and control measures adopted in many places in Europe and the high unemployment rate in the United States, the oil market demand in the first half of this year will be lower than that of last year. The market demand will have a greater growth.

According to OPEC estimates, in February, the global oil supply averaged 92.28 million barrels per day, a decrease of 1.31 million barrels from the previous month and a year-on-year decrease of 7.62 million barrels. That month, OPEC produced an average of 24.85 million barrels per day, slightly lower than January's 25.5 million barrels.

According to the report, OPEC predicts that the global economy will grow 5.1% this year after a 3.7% decline last year.