OPEC Sees Robust Demand And Well-Supported Oil Market In 2022

The effect of the Omicron variant on global oil demand has been weaker than expected a month ago, and the oil market is set to be well-supported throughout 2022 despite monetary tightening policies, OPEC said on Tuesday, leaving its demand growth estimates for this year unchanged. In its closely watched Monthly Oil Market Report (MOMR) today, OPEC kept its oil demand growth forecast for 2022 unchanged at 4.2 million barrels per day (bpd). Average global consumption is set to reach 100.8 million bpd, exceeding pre-COVID levels. The Omicron impact…