OPEC Sees Stronger Demand for Its Crude This Year and Next
- Supply disruptions outside OPEC boost need for cartel’s crude
- Global oil use forecast for 2022 raised by 0.98 million b/d
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OPEC predicted stronger demand for its crude on a combination of rising global fuel consumption and output disruptions elsewhere.
The latest data from the group indicate that the world will continue to face an oil supply deficit in the coming months even as its members revive idle production. Despite the threat of the delta variant of Covid-19, fuel consumption is recovering while crude production from the North Sea to the U.S. and Mexico comes in lower than anticipated.