LONDON, Aug 12 — Opec on Thursday stuck to its prediction of a strong recovery in world oil demand in 2021 and further growth next year, despite concerns about the spread of the Delta coronavirus variant that has weighed on prices. The Organization of the Petroleum Exporting Countries in a...
LONDON, Aug 12 — Opec on Thursday stuck to its prediction of a strong recovery in world oil demand in 2021 and further growth next year, despite concerns about the spread of the Delta coronavirus variant that has weighed on prices.
Opec’s view that demand will shrug off the latest pandemic-related setback contrasts with that of the International Energy Agency, which trimmed its outlook on Thursday. The US government’s forecaster also kept its 2021 growth forecast steady, but trimmed that for 2022. Opec raised its forecast of 2021 world economic growth to 5.6 per cent from 5.5 per cent assuming the impact of the pandemic will be contained, although it warned of “significant uncertainties”. The outlook for 2022 was raised by the same increment to 4.2 per cent.
The report showed Opec output rose in July by 640,000 bpd to 26.66 million bpd, as Saudi Arabia unwound the rest of a voluntary supply cut it had made to support the market.
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