OPEC+ projects an average of 99.13 million barrels per day of oil demand in the first quarter of 2022, an increase of 1.11 million bpd from the November forecast. CL1! is down -0.87%.
- The oil cartel, which kept the full-year demand forecast steady, expects the impacts of Omicron to be mild as global citizens get used to handling the pandemic challenges.
- OPEC+ says some of the oil recovery that was expected in the last quarter of 2021 will be experienced in the first quarter of next year.
- The group held its forecast of a 5.65 million bpd increase in oil demand this year. The group also kept unchanged a demand increase forecast of 4.15 million bpd in 2022, a level that is expected to raise global consumption beyond that of 2019.
- Oil output by OPEC+ increased by 290,000 bpd to hit 27.72 million bpd in November, contributed by increases in Saudi Arabia and Iraq production and recoveries in Nigeria. The group will raise output by 400,000 in January.