London—Global oil demand is expected to rebound from the nadir of COVID-19 lockdowns in 2021, but the expected surge of Middle Eastern crudes and robust biofuel growth has implications for the global crude slate and refiners alike. In order to feed the expected economic recovery but continue to squeeze top-heavy global stocks next year, OPEC+ looks poised for a gradual easing of its output curbs as it keeps a watchful eye on the impact from the rollout of COVID-19 vaccines on demand.
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