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OPEC says high energy prices to dampen Q4 demand -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : This illustration shows a 3D-printed petrol pump jack in front of the OPEC logo. It was taken on April 14, 2020. REUTERS/Dado Ruvic/File Photo

LONDON, (Reuters) – OPEC reduced its forecast of world oil demand for the fourth quarter of 2021 because of high energy prices. However, the group maintained its prediction that there would be robust growth above the pre-pandemic rate in 2022.

According to the Organization of the Petroleum Exporting Countries, OPEC reported in a monthly update that oil demand is expected to average 99.49 M barrels per daily (bpd) for the fourth quarter of 2020. That’s 330,000 bpd lower than the forecast last month.

As OPEC+ and its allies gradually increase oil supplies, and demand recovers after the pandemic, this year’s oil prices rose to a record high of $86 per barrel. Coal prices also rose.

OPEC stated that the world’s oil consumption will rise by an average 4.15million barrels per day next year. That is unchanged from December.

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