OPEC: World oil demand to exceed pre-pandemic levels in 2022

The Organization of the Petroleum Exporting Countries (OPEC) noted in its monthly report that it forecasts the world oil demand to exceed pre-pandemic levels and average 100.8 million barrels per day (bpd), as reported by Reuters.

Key takeaways as summarized by Reuters

"OPEC lowers Q4 2021 world oil demand forecast by 110,000 bpd to 99.70 million bpd, citing the impact of delta coronavirus variant."

"OPEC keeps 2021 full-year oil demand growth forecast virtually unchanged at 5.96 million bpd."

"OPEC sees world oil demand in 2022 rising by 4.15 million bpd (vs. 3.28 million bpd in last monthly report and 4.2 million bpd at September OPEC+ meeting)."

"OPEC's oil output rose by 150,000 bpd in August to 26.76 million bpd."

"OPEC raises 2022 forecast for global demand for its crude by 1.1 million bpd to 28.75 million bpd."

Market reaction

Crude oil prices continue to push higher after this report and the barrel of West Texas Intermediate (WTI) was last seen rising 1.42% on the day at $70.57.