XOP - World oil demand seen rising as U.S. output slips WoodMac saus

Global oil demand should rise by nearly 7% this year, helped by a better economic outlook and the COVID-19 vaccine distribution, Wood Mackenzie says.Total liquids demand is expected to average 96.7M bbl/day in 2021, the consultancy says, from 90.4M bbl/day last year when the pandemic prompted an enormous oil demand shock.In terms of supply, WoodMac expects oil production from the U.S. Lower 48 states to decline by ~400K bbl/day, moderating from last year's decline.Despite the potential increase in oil demand, WoodMac sees refinery utilization remaining low this year amid the ongoing pandemic, OPEC+ production cuts and new capacity additions.ETFs: [[USO]], [[XLE]], [[UCO]], [[XOP]], [[VDE]], [[GUSH]], [[OIH]], [[ERX]], [[BGR]]

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World oil demand seen rising as U.S. output slips, WoodMac saus