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OPEC Sees Oil Market ‘Well-Supported’ by Robust Demand

  • Group’s optimism on omicron impact so far vindicated
  • Cartel added only part of the supply scheduled in December
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WATCH: Bloomberg Opinion’s Javier Blas says oil demand could hit an all-time high in 2022.Source: Bloomberg

OPEC expects global oil markets to remain “well-supported” this year by robust demand, maintaining the confident outlook that has allowed the group to revive production.

Crude prices climbed to the highest since 2014 in London and New York on Tuesday, with the recovery in fuel consumption largely unimpeded by the omicron variant while a range of disruptions restricts supply. Brent futures topped $88 a barrel.