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Jan. 18, 2022, 7:28 a.m. EST

OPEC leaves 2022 forecast for global oil-demand growth unchanged

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By William Watts

The Organization of the Petroleum Exporting Countries, or OPEC, on Tuesday left its forecast for oil-demand growth in 2022 unchanged at 4.2 million barrels a day. OPEC, in its monthly report, said it sees total global consumption this year at 100.8 million barrels a day. Among the wealthy countries that make up the Organization for Economic Cooperation and Development, oil demand is forecast to grow by 1.8 million barrels a day, while non-OECD oil demand is projected to increase by 2.3 million barrels a day. "While the impact of the omicron variant is projected to be mild and short-lived, uncertainties remain regarding new variants and renewed mobility restrictions, amid an otherwise steady global economic recovery," the OPEC report said. OPEC's estimate of world oil-demand growth in 2021 was left unchanged from last month's assessment at 5.7 million barrels a day to average 96.6 million barrels a day, with an upward revision to fourth-quarter demand, amid better-than-anticipated transportation fuel consumption in the OECD, was offset by a downward revision in the third quarter as reflected in actual data, OPEC said.

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