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Links to previous press releases are below.

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OPEC lifts 2022 oil demand forecast


In its September Monthly Oil Market Report (MOMR) OPEC has revised its global oil demand forecast for 2022 up by 970K b/d compared to its previous report, estimating a growth of 4.15M b/d y-o-y to 100.83M b/d. This upward adjustment has been based on a stronger pace of demand recovery and a steady economic outlook in all regions, with support set to be provided by a more widespread improvement in global vaccination rates.

OPEC also revised its 2021 demand forecast up higher by 110K b/d from its last report to 96.68M b/d, an increase of 5.95M b/d, although estimates for 4Q21 have been moved lower by 110K b/d to 99.7M b/d due to continued concerns surrounding the Delta variant.