OEPC set to revise down ‘optimistic’ oil demand outlook: sources

A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. (Reuters)

SULAIMANI (ESTA) — OPEC will likely to revise down its 2022 oil demand growth forecast on Monday, Reuters cited two OPEC+ sources as saying.

The OPEC+ sources told Reuters on Friday that the new figure was seen as optimistic by some in the group, likely prompting revisions.

OPEC is scheduled to make its latest supply and demand forecasts public in a report on Monday, according to Reuters.

“OPEC may review the figures against for the upcoming monthly report,” Reuters quoted one of the sources as saying.

On September 1, separate sources told the news agency that OPEC and allies, knows as OPEC+, increased its 2022 oil demand forecast to 4.2 million barrels per day (bpd) from 3.28 million bpd previously.

OPEC currently has the highest demand growth figures among the three main oil forecasting agencies – itself, the Energy Information Administration (EIA) and the International Energy Agency, an adviser to consuming nations which issues its latest monthly report on Tuesday.

In 2021, OPEC expects oil demand to rise by 5.95 million bpd, higher than the IEA figure of 5.3 million bpd and the EIA forecast of 5 million bpd.

For OPEC’s 2021 oil demand growth forecast to be met, world oil demand needs to average 99.82 million bpd in the fourth quarter – almost 1 million bpd higher than the IEA’s fourth-quarter projection.

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