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OPEC Boosts First Quarter Demand View as Omicron Risk Seen Muted

  • First-quarter demand raised by 1.1 million barrels a day
  • Revision gives OPEC+ more leeway for supply hike in January

OPEC increased its forecast for global oil demand in the first quarter substantially, as some of this year’s recovery is delayed by Omicron but the overall risk from the new virus strain remains limited. 

The Organization of Petroleum Exporting Countries boosted estimates for consumption in the period by 1.1 million barrels a day -- equivalent to annual world consumption growth in a typical year before the pandemic -- according to a monthly report from the group’s research department.