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The demand for crude oil fell by a significant 9.30 million barrels/day (mb/d) in 2020 due to the pandemic. Subsequently, the production also fell by 6.15 million barrels/day (mb/d), or 8.2 per cent, compared to 2019, to an average of 69.09 mb/d.

The proven crude oil reserves stood at 1,549 billion barrels (bn b) at the end of 2020, an increase of 0.2% from the level of 1,546bn b recorded at the end of 2019. The reserves for OPEC members increased by 0.3% to 1,237bn b at the end of 2020.

Large oil consumers like the US and India have been demanding an increase in oil supply from OPEC members, but OPEC has reconfirmed that it would stick to its gradual increase in production plan.

According to Reuters, an OPEC+ member had admitted to the group facing pressure to ramp up oil production, but added "We are scared of the fourth wave of corona; no one wants to make any big moves."

OPEC had agreed in July to boost output by 400,000 bpd a month until at least April 2022 to phase out 5.8 million bpd of existing production cuts.

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