OPEC sticks to its forecast for oil demand in 2021 and 2022
OPEC expects demand to rise by 5.95 million barrels per day this year.
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Yesterday, OPEC stuck to its expectations of a strong recovery in global oil demand in 2021, and more growth next year, despite concerns about the spread of the mutated "delta" strain of the Corona virus, which is pressing on prices.
The Organization of the Petroleum Exporting Countries (OPEC), in its monthly report, said it expected demand to rise by 5.95 million barrels per day this year, or 6.6%, unchanged from its forecast last month.
"The global economy continues to recover," OPEC added in the report. "But there are still many challenges, which could easily dampen the momentum. In particular, developments related to (Covid-19) will need to be closely monitored."
OPEC's confidence that demand will ignore the latest setbacks caused by the pandemic contrasts with the position of the International Energy Agency, which lowered its forecasts yesterday.
And OPEC stated that in 2022, fuel use will increase by 3.28 million barrels per day, unchanged from expectations issued last month.
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