OPEC says Omicron, rising rates will not subdue oil demand

The report is here:

In summary:

OPEC expects the oil market to continue to be well supported this year, citing robust demand
said once again that the impact of the omicron variant is projected to be mild and short-lived (on oil demand, not your health 😉 )
The report pointed to tight supply, an example being the difficulties members of the group are having in boosting output (members added just 166kb/d of oil in December, falling g well under the target of 250kb/d)
The report noted the rising risk of further supply disruptions (rising geopolitical strains)

OPEC’s report showed global oil demand in 2022 is expected to rise by 4.15 million barrels per day (bpd) (same as in the previous report) and that use of oil will be greater than 100 million bpd in Q3 (also the same as said in the previous report).

The next OPEC and non-OPEC Ministerial Meeting is on 2 February 2022.


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