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Oil Demand Forecast Unchanged

OPEC

OPEC has released their monthly oil market report. The document can be reviewed here.

  • Reuters has reported that OPEC:
    • 'Keeps Full-Year 2022 world oil demand growth forecast unchanged ‘for time being’.
    • [OPEC] ups total oil demand in 2022 forecast to 100.90mln bpd.
    • [OPEC] says output rose By 440,000 bpd in February to 28.47mln bpd, exceeding pledged increase Under OPEC+ deal.'
  • The report comes as UK Prime Minister Boris Johnson is set to travel to the UAE and Saudi Arabia this week to press OPEC members to increase oil output.
  • The monthly increase in production came from Saudi Arabia and Libya. Production declined in Nigeria and Equatorial Guinea.

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