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(OPEC) expects an increase in global demand for oil next year by more than four million barrels per day

14-09-2021

Today, Monday, the Organization of Petroleum Exporting Countries (OPEC) expected an increase in global oil demand in 2022 by 4.15 million barrels per day. And (OPEC) said in its monthly report that the economic recovery will be delayed a little to start during the first half of next year due to the effects of the mutated (Delta) strain of the (Corona) virus on the oil market, as the world is expected to witness a better deal with the pandemic, which will restore economic activity and movement strongly to levels Before the (Corona) crisis. And the organization continued in its report, saying that due to the consequences of this mutated strain, global demand for crude is expected to decline during the last quarter of 2021 to 99.70 million barrels per day, i.e. 110 thousand barrels per day less than expectations last month. In its report, (OPEC) stressed that the pace of global oil demand recovery is expected to be stronger now and then gradually rise from mid-2022. The (OPEC +) alliance decided in early September at its 20th ministerial meeting to continue adhering to the current production plan and to continue increasing supplies by about 400,000 barrels per day during the month of October.