OPEC Monthly Report: Expectations that global oil demand will exceed pre-pandemic levels in 2022

News
Monday, September 13, 2021 - 18:37
Point Trader Group
OPEC Monthly Report: Expectations that global oil demand will exceed pre-pandemic levels in 2022

OPEC has cut its forecast for global oil demand in the fourth quarter of 2021 due to the delta mutant strain, and said further recovery will be partially delayed until next year when consumption exceeds pre-pandemic rates.

The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report that it expects oil demand to average 99.70 million barrels per day in the fourth quarter of 2021, down 110,000 barrels per day from last month's forecast.

"Increased risks from COVID-19 infections, which are mainly fueled by the delta strain, are clouding the outlook for oil demand in the fourth quarter of the year," OPEC said in the report.

As a result of this, oil demand in the second half of 2021 was slightly revised downward, which partially delayed the recovery of oil demand until the first half of 2022.


Related Topics

REQUEST A CALL BACK

We Are Always Ready To Help You

YOU CAN TRUST POINT

For Expert Financial Advice