In April 2021 World Economic Outlook, the International Monetary Fund (IMF) lifted global economic growth projections for 2021 and 2022 by 0.8% and 0.2% to 6% and 4.4% respectively due to the anticipated vaccine-driven recovery in the 2nd half of this year and additional fiscal support in some major economies, most notably the $1.9 new fiscal package in the US. In line with the IMF projections, the International Energy Agency (IEA) also revised upwards its expectations for world oil demand growth by 230,000 b/d this year to 5.7 million b/d.
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Source: Gibson Shipbrokers Ltd
