The world faces a significant shortage of oil until the end of this year, despite moves by Opec+ producers to phase out record output cuts imposed in 2020, according to PetroChina.

The state-run oil giant's senior vice president Ren Lixin told investors that he expects the shortage to be averaging 600,000 barrels per day.

He predicted that oil supply and demand will hit a balance next year when the supply is expected to reach 102 million barrels per day, a level last seen in 2019.