ADNOC chief sees global oil demand at 95 million bpd

London, (Quantum Commodity Intelligence) – Global oil demand has recovered to 95 million barrels per day (bpd) as markets continue to rebalance, said ADNOC's chief executive Sultan Ahmed Al Jaber in a virtual forum Thursday.

The figure is broadly in line with forecasts of a firm recovery in oil demand in the second half of 2021.

This month, OPEC forecast oil demand at 94.79 million bpd in Q2, down 300,000 bpd from its April estimate because of slowing demand in South America and India.

Speaking at the virtual Columbia Global Energy Summit and referenced in media reports, the ADNOC chief also said investments in oil and gas had declined in the past five years, noting companies are sticking to capital discipline since the previous oil price downturn in 2015-2016.

Brent futures for front-month July were trading at $65.20/barrel (0450 GMT), compared to Thursday's settle of $65.11/b, a gain of 0.05%.

July Murban trading on Abu Dhabi's IFAD exchange was at $64.37/b, 0.21% up from Thursday's settle of $64.16/b.

Murban is ADNOC's flagship grade one of the largest crude streams in the world with a production capacity currently around 1.7 million bpd, but this could grow to as much as 2.5 mil bpd by the end of the decade.