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Sept. 13, 2021, 8:23 a.m. EDT

OPEC raises forecast for 2022 growth in global oil demand

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By William Watts

The Organization of the Petroleum Exporting Countries on Monday boosted its forecast for 2022 growth in global oil demand to 4.2 million barrels a day, up 900,000 barrels a day from its August projection. OPEC, in a monthly report, said it now expects 2022 global demand of 100.8 million barrels a day, topping pre-pandemic levels. World oil-demand growth for 2021 was left unchanged at 6 million barrels a day. OPEC said oil demand in the third quarter has been resilient, supported by rising mobility and travel. At the same time, the increased risk of COVID-19 cases has clouded oil demand prospects going into the final quarter, resulting in downward adjustments to fourth-quarter 2021 assessments. As a result, second-half 2021 oil demand "has been adjusted slightly lower, partially delaying the oil demand recovery into 1H22," the report said. The non-OPEC supply growth forecast for 2022 was left unchanged at 2.9 million barrels a day. OPEC trimmed its 2021 forecast for non-OPEC supply growth by 170,000 barrels a day.

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