However, the report stated: “For 2021, world oil demand is expected at 5.9 mb/d, to stand at 96.3 mb/d. Oil requirements in the first half (1H21) are adjusted lower, mainly due to extended measures to control COVID-19 in many key parts of Europe. In addition, elevated unemployment rates in the US slowed the recovery process.

“In contrast, oil demand in the second half (2H21) is adjusted higher, reflecting expectations for a stronger economic recovery with the positive impact of vaccination rollouts. In regional terms, OECD oil demand is expected to increase by 2.6 mb/d in 2021 to stand at 44.6 mb/d, while non-OECD demand is seen rising by 3.3 mb/d to average 51.6 mb/d.”

“The ministers approved a continuation of the production levels of March for the month of April, with the exception of Russia and Kazakhstan, which will be allowed to increase production by 130 and 20 thousand barrels per day respectively, due to continued seasonal consumption patterns. The Meeting reviewed the monthly report prepared by the Joint Technical Committee (JTC), including the crude oil production data for the month of February.

“It welcomed the positive performance of participating countries. Overall conformity with the original decision was 103 percent, reinforcing the trend of aggregate high conformity by participating countries. The Meeting noted that since the April 2020 meeting, OPEC and non-OPEC countries had withheld 2.3bn barrels of oil by end of January 2021, accelerating the oil market rebalancing. “The meeting extended special thanks to Nigeria for achieving full conformity in January 2021 and compensating its entire overproduced volumes.

“The ministers thanked Timipre Sylva, Minister of State for Petroleum Resources of Nigeria, for his shuttle diplomacy as Special Envoy of the JMMC to Congo, Equatorial Guinea, Gabon, and South Sudan to discuss matters pertaining to conformity levels with the voluntary production adjustments and compensation of over-produced volumes. In this regards the ministers agreed to the request by several countries, which have not yet completed their compensation, for an extension of the compensation period until the end of July 2021. It urged all participants to achieve full conformity and make up for previous compensation shortfalls, to reach the objective of market rebalancing, and avoid undue delay in the process.”