OPEC: Reduces its forecast for global oil demand for the fourth quarter of 2021

OPEC on Thursday cut its forecast for global oil demand for the fourth quarter of 2021 due to high energy prices, although the agency insists on its forecast for strong growth above pre-pandemic rates in 2022.

OPEC said in its monthly report that it expects average oil demand to reach 99.49 million barrels per day in the fourth quarter of 2021, down 330,000 barrels per day from last month’s forecast. Demand forecast for the year fell by 160,000 barrels per day to 5.65 million barrels per day.

Oil prices have risen to a three-year high this year, exceeding $ 86 a barrel as OPEC + gradually increases supplies and as demand recovers. Gas and coal prices have also risen sharply.

OPEC also said it expects international oil demand to increase by 4.15 million barrels per day next year, unchanged from last month’s forecast, which will push global consumption above 2019 levels.

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