The OPEC on Thursday cut its forecast from world oil demand for the last quarter of 2021, due to high energy prices that stop the Economic recovery of the Covid-19, although it maintained its forecast for robust growth above the pre-pandemic fees in 2022.
The Organization of Petroleum Exporting Countries (OPEC) also raised its US shale supply forecast next year in its monthly report, a potential obstacle to efforts by the group and its allies to balance the market.
OPEC said it expects the oil demand reach an average of 99.49 million barrels per day (bpd) in the fourth quarter of 2021, 330,000 bpd less than last month’s forecast. The expected growth in demand for the year was reduced by 160,000 bpd, to 5.65 million bpd.
“A slowdown in the pace of recovery in the fourth quarter of 2021 is now assumed due to high energy prices,” OPEC said in the report. The group also referred to slower-than-expected demand in China e India for downward revision.
Governments, companies and operators are closely monitoring the speed with which oil demand recovers from last year’s crisis.
The changes imply that global consumption is expected to surpass the 100 million bpd mark in the third quarter of 2022 in OPEC’s view, three months later than forecast last month.
The oil prices They have surged this year to a three-year high above $ 86 a barrel as OPEC and its allies, known as OPEC +, gradually increase supplies and demand recovers from the pandemic. The prices of the natural gas and coal have also skyrocketed.
OPEC also stated that it expects global oil demand growth of 4.15 million bpd next year, unchanged from last month, pushing world consumption above 2019 levels.
Reference-www.eleconomista.com.mx