OPEC Retains Forecast for Growth in Oil Demand in the World

The growth in global demand for non-oil this year will amount to 6 million barrels per day to 96.7 million barrels per day, according to the September report of the cartel, received by TASS. Thus, the estimate has not changed compared to the August one, Russian media add.

The report says that oil demand in the third quarter of 2021 was robust amid increasing growth in population mobility, especially in OECD countries.

However, the forecast for oil demand in the second half of the year was lowered due to the risk of the spread of COVID-19, in particular the “delta” strain. In the current year, the oil demand has recovered to the level of 96.7 million bpd.

According to OPEC forecasts, next year the world oil demand growth will amount to 4.2 million bpd, or 0.9 million bpd exceeds the estimate of the August report.

OPEC countries increased oil production in August by 150 thousand bpd. Compared to July – up to 26.7 million bpd. According to Interfax, given the new permitted quotas for August, the OPEC countries completed the OPEC + deal by 128% in August.

OPEC’s oil exporters have downgraded their forecast for the current year on the volume of oil offers from countries that are not members of the organization. The forecast was lowered by 170 thousand b/d, including because of the hurricane Ida in the US.