OPEC Upbeat on Oil Demand

OPEC raised its world oil demand forecast for the first quarter of 2022 but left its full-year growth prediction steady, saying the Omicron coronavirus variant would have a mild impact as the world gets used to dealing with the pandemic.
OPEC said in a monthly report it expects oil demand to average 99.13 million barrels per day in the first quarter of 2022, up 1.11 million bpd from its forecast last month, www.moneycontrol.com reported.
"Some of the recovery previously expected in the fourth quarter of 2021 has been shifted to the first quarter of 2022, followed by a steadier recovery throughout the second half of 2022," OPEC said in the report.
"The impact of the new Omicron variant is projected to be mild and short-lived, as the world becomes better equipped to manage Covid-19 and its related challenges."
OPEC maintained its forecast that world oil demand will grow by 5.65 million bpd in 2021, after last year's historic decline at the start of the pandemic.
In 2022, OPEC expects further growth in demand of 4.15 million bpd, unchanged from last month, which will push world consumption above 2019 levels.