The European Commission (EC) raised expectations for a global economic recovery in 2021 to 5.2%, up from 4.7% in the fall forecast, the European Commission's winter economic forecast reported.

The European Commission has also improved the estimate for the COVID-19 pandemic decline to 3.4%, instead of 3.8% expected in the fall. The growth forecast for 2022 has been slightly raised from 3.7% to 3.8%.

The average level of oil prices will be $ 54.2 per barrel in 2021, and $ 51.9 per barrel in 2022. The EC noted that the forecast is based on production cuts by OPEC + and non-cartel states and renewed growth in oil demand at the end of 2020.