Two OPEC+ sources told Reuters that OPEC will likely revise down its 2022 oil demand growth forecast on Monday, as the specter of a persistent Delta variant of the coronavirus drags optimism about the global economic recovery.
According to the Reuters report, on Sept. 1, separate sources said OPEC+ increased its 2022 oil demand forecast to 4.2 million barrels per day (bpd) from 3.28 million bpd previously, but “the new figure was seen as optimistic by some in the group, likely prompting revisions,” the two OPEC+ sources said.
OPEC is scheduled to make its latest supply and demand forecasts public in a report on Monday.
“OPEC may review the figures again for the upcoming monthly report,” one of the sources told Reuters, declining to be named.
Meanwhile, oil rose to around $73 a barrel on Friday, “supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes gave riskier assets a boost,” Reuters reported separately.
