An acceleration in travel and economic activity should hasten the resurgence in global oil demand in the second half of 2021, cutting into supplies and justifying increased crude production, the Organization of the Petroleum Exporting Countries (OPEC) said Thursday. 

oil demand

In its closely watched Monthly Oil Market Report, the Saudi-led cartel affirmed expectations it reported a month earlier that successful vaccination programs across the United States, Europe and much of Asia are fueling economic revivals that should unleash pent-up demand and drive increased oil consumption.

“Refiners in most regions showed increases in buying interest on the expectation of a further oil demand recovery with the approach of the summer driving season,” OPEC researchers said in the new report,...