OPEC keeps forecasts for oil markets unchanged

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Tuesday, January 18, 2022 - 17:37
Point Trader Group
OPEC keeps forecasts for oil markets unchanged

OPEC kept its forecast for global oil demand growth at 5.7 million barrels per day in 2021, and 4.2 million barrels per day in 2022.

Also, non-OPEC supply growth forecasts came in at 0.7 million barrels per day in 2021, and 3.0 million barrels per day in 2022, unchanged.

It also kept expectations of growth in demand for OPEC oil at 27.8 million barrels per day in 2021, and 28.9 million barrels per day in 2022.

OPEC also left its forecast for global economic growth unchanged at 5.5% in 2021 and 4.2% in 2022.

It is noteworthy that the OPEC + group, which includes the Organization of Petroleum Exporting Countries "OPEC" and independent producers, including Russia, agreed to increase production by 400,000 barrels per day, starting from February, which has been followed monthly since August.

The price of Brent crude rose during trading on Tuesday, January 18, to breach the $88 barrier for the first time in 7 years.

The price of West Texas Intermediate crude also hit a seven-year high, driven by increased optimism about demand, easing concerns related to the outbreak of the omicron and geopolitical tension.

The price of a barrel of Texas Intermediate crude in futures contracts reached a record high of $85.66 in Asian trading, the highest level recorded since October 2014.


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