9/13, 2:20 PM (Source: TeleTrader)
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OPEC: Oil demand for 2022 revised higher

World oil demand growth in 2021 remains unchanged from last month’s assessment, the Organization of the Petroleum Exporting Countries (OPEC) stated in its September report released on Monday. This year's demand is estimated at 96.7 million barrels per day, an increase of 6 million b/d on a yearly basis.

Meanwhile, the 2022 world demand growth was revised up by around 0.9 million b/d to 4.2 million b/d year-on-year. World demand should reach 100.8 million b/d in 2022, exceeding pre-pandemic levels. "As vaccination rates rise, the COVID-19 pandemic is expected to be better managed and economic activities and mobility will firmly return to pre-COVID-19 levels. The revisions are based in both the OECD and non-OECD regions, with steady economic developments expected to support the partially delayed recovery in oil demand in various sectors," OPEC explained.

Breaking the News / DJ