OPEC forecasts world oil demand to rise by 3.28 million barrels per day in 2022

In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said that it expects the world oil demand to rise by 3.28 million barrels per day to 99.6 million barrels per day in 2022, per Reuters.

Additional takeaways

"World oil demand in 2022 to reach comparable pre-pandemic levels."

"OPEC sticks to forecast 2021 world oil demand will rise by 5.95 million barrels per day."

"Non-OPEC oil supply growing by 2.1 million barrels per day in 2022, led by the US."

"OPEC oil output rose by 590,000 barrels per day in June to 26.03 million barrels per day."

"Global demand for OPEC's crude at 28.7 million barrels per day in 2022, up 1.1 million barrels per day from 2021."

Market reaction

Crude oil prices continue to edge lower following this report and the barrel of West Texas Intermediate was last seen losing 1.4% on the day at $71.90.