(OPEC) OPEC+ is forecasting that oil demand will average 99.49 million barrels per day in the fourth quarter of 2021, down 330,000 bpd from October’s forecast.
OPEC+ cites high energy prices, as well as lower than expected Chinese and India’s demand in the downgraded forecast.
OPEC+ raised the forecast for oil supply from US shale producers in 2022, which it cites as a headwind in the efforts to balance the market.
The group says world consumption of oil could surpass 100 million bpd in the third quarter of next year, three months later than initially forecasted.
OPEC+ still expects oil demand growth across the world to hit 4.15 million bpd next year as previously forecasted, pushing overall consumption above the levels recorded in 2019.
CL1! is up +0.31%.
