The Organization of Petroleum Exporting Countries (OPEC) announced in its latest monthly report that it left the world oil demand for 2022 unchanged. It kept the growth forecast unchanged at 4.15 million barrels per day (bpd), as reported by Reuters. OPEC sees upside potential for 2022 demand due to the strong economic recovery.
The OPEC keeps 2022 “non-OPEC” supply growth forecasts unchanged. The forecast for OPEC oil demand for 2022 rose by 100,000 bpd.
The report reported that OPEC oil production rose in January by 64 billion barrels to 27.98 million, below the target of the OPEC+ agreement.
Saudi Arabia it told OPEC that it increased output by 123,000 bpd in January to 10.14 million bpd.
Source: Fx Street
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