OPEC maintains its forecast of continued “strong” oil demand in 2022

  Oil prices rose today to about $ 87 a barrel (Getty)

The Organization of Petroleum Exporting Countries (OPEC) maintained her expectations لارتفه Global demand for oil This year, considering it "strong" in light of the economic recovery and despite the associated risks COVID-19 epidemic.

OPEC said in its monthly report that its demand forecast for 2022 was maintained, with an expected rise of 4.2 million barrels per day to reach 100.8 million barrels.

“Despite expectations of a mild and short-term impact of the omicron mutation, there are still doubts about new mutations or new restrictions on mobility, and the global economic recovery is stable,” she added.

Reaffirming its optimism, OPEC concluded in an article devoted to monetary policy that it expected “strong” demand, and estimated that “the oil market should remain well supported throughout 2022.”

This expectation comforts the OPEC countries and their partners in the OPEC Plus alliance, who decided again in early January to increase their production for the seventh consecutive month in order to meet the demand for oil.

And between November and December, OPEC countries increased their production by 166 thousand barrels per day, bringing the total to 27,882 million barrels per day, according to secondary (indirect) sources mentioned in the report.

Angola and Saudi Arabia, in particular, increased production, which compensated for the decline in Libya’s production.

However, these increases in production seem marginal in relation to market needs, which is currently reflected in the high price of a barrel.

Therefore, prices of Brent and West Texas Intermediate crude oil on Tuesday reached their highest level in more than seven years, buoyed by supply disruptions, strong geopolitical tensions and rising demand.

Brent crude futures rose in early trading, to $ 87 a barrel, the highest level since October 30, 2014.
US West Texas Intermediate crude futures jumped to $ 84.62 a barrel, not far from the highest level in more than two months of $ 84.78 reached earlier.


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