OPEC on Monday upgraded its global oil demand forecast for the first quarter of 2022 but let its full-year growth forecast steady, stating the Omicron variant would have a mild impact.
- OPEC stated in its monthly report that it projects an oil demand to hover around 99.13M barrels per day in Q1 of 2022, increasing by 1.11M bpd from its forecast the previous month.
- In its report, OPEC further noted that recovery initially projected in Q4 of 2021 has been shifted to Q1 of 2022 after a steady recovery through the second half of 2022.
- OPEC retained its forecast that the global oil demand would grow by 5.65M bpd in 2021, after last year’s historic decrease at the start of the pandemic.
In 2022, OPEC anticipates further expansion in demand of 4.15 million bpd, the same as last month, which will push global consumption past pre-pandemic levels.
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