OPEC maintains high oil demand forecast, but sees greater supply

On Thursday, August 12, the Organization of Petroleum Exporting Countries (OPEC) kept its forecasts for growth in oil demand in 2021 and 2022 unchanged. However, it assesses that there will be a greater supply due to the increase in production in countries that are not part of the entity.

In its monthly report, OPEC said it expects oil demand to increase by about 6 million barrels a day this year, to an average of 96.6 million barrels a day. This should be followed by a growth of 3.3 million barrels a day in 2022.

OPEC estimates that global demand for oil will surpass the 100 million barrels-per-day mark in the second quarter of next year, which made the organization raise its average demand forecast in 2022 to 99.9 million barrels per day.

Source: Valor Econômico

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