OPEC + raises its oil demand growth forecast to 4.2 million barrels in 2022

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Oil producer group OPEC + revised its forecast for crude oil demand upwards in 2022 in view of a meeting on Wednesday as the group faces pressure from the United States to increase production at a faster pace to help support the global economy.

Two OPEC Plus sources said experts from the Joint Technical Committee raised their expectations for oil demand growth in 2022 to 4.2 million barrels per day from a previous estimate of 3.28 million barrels per day. day.

Yesterday an OPEC + source indicated that the Joint Technical Committee expects inventories to be below media for the years from 2015 to 2019 until May 2022 and not January 2022.

A document seen by Reuters showed that the OPEC + Joint Technical Committee expects the oil market to remain in a deficit of 0.9 million barrels per day questyear, but will record a surplus of 2.5 million barrels per day in 2022 as the group increases production.

Sources told Reuters Wednesday’s meeting will likely keep the plan unchanged despite US pressure to pump more oil.

Wednesday i future Brent crude oil rose five cents to $ 71.70 a barrel, after losing 42 cents on Tuesday.

US West Texas Intermediate Crude Oil futures fell seven cents, or 0.1%, to $ 68.57, after falling 1% on Tuesday, due to expectations of a decline in demand following the closure of six refineries. in Louisiana affected by Hurricane Ida.

In August, oil prices recorded their first monthly loss since last March, but prices are still not far from the highs recorded last July.

On the other hand, data from the Petroleum Institute showed a decline in US oil inventories of four million barrels last week, against an increase in gasoline

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