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28 Sep 2021

OPEC's World Oil Outlook 2021 launched in Vienna

The 2021 OPEC World Oil Outlook (WOO) was launched today in Vienna, Austria. The 15th edition of the WOO presents an in-depth review of the OPEC Secretariat’s ongoing analysis of the impacts of the COVID-19 pandemic, and contains medium- and long-term projections for the global oil and energy industry.

This includes analysis of the industry’s various linkages and its shifting dynamics, providing insights into energy and oil demand, oil supply and refining, the global economy, policy and technology developments, demographic trends, environmental issues and sustainable development concerns.

In the foreword to the publication, His Excellency Mohammad Sanusi Barkindo, OPEC Secretary General said that the past year has been one of continuing uncertainty related to the pandemic, but noted the benefits of the Declaration of Cooperation (DoC) production adjustments in bringing down inventory levels, and the market being buoyed by the rollout of vaccines and further global fiscal stimulus.

He also personally thanked OPEC Secretariat staff for the hard work, drive and steadfastness of all those that have been involved in producing the WOO. “For the second year it has not been an easy task, given the restrictions on office-based working, but I salute each and every one of you for your dedication and commitment to delivering this flagship annual publication.”

It is important to reiterate that the Outlook is not about making predictions. The WOO should be viewed as a helpful and insightful reference tool, one that underscores the Organization’s commitment to knowledge sharing and data transparency. It also emphasizes OPEC’s continued focus on the enhancement of dialogue and cooperation, most recently through the historic DoC and the Charter of Cooperation between 23 OPEC and non-OPEC producers, as a means to help secure a sound and stable oil industry.

The WOO 2021 can also be accessed on two digital interfaces, the OPEC WOO App available for both Android and iOS, and a comprehensive interactive version, which can be accessed at woo.opec.org

Some specific highlights from this year’s WOO include: