The Organisation of the Petroleum Exporting Countries (OPEC) forecast on Thursday that world oil demand would rise in 2022 to reach a level similar to before the pandemic, led by growth in the United States, China and India.
OPEC said in its monthly report that demand next year would rise by 3.4% to 99.86 million barrels per day (bpd), and would average more than 100 million bpd in the second half of 2022.
In the report, OPEC also maintained its prediction that demand would grow by 5.95 million bpd or 6.6% in 2021.
More supply coming
The report implies a wider supply deficit in the fourth quarter of 2021, assuming OPEC+ does not agree a further increase and based on Iran, Libya and Venezuela, which are exempt from OPEC+ cuts, sticking to their June production levels.