OPEC sees upside to 2022 oil demand forecast on strong pandemic recovery

OPEC said on Thursday world oil demand might rise even more steeply this year as the global economy posts a strong recovery from the pandemic, a development that would underpin prices already at a seven-year high.

Tight oil supply has also given impetus to booming energy markets, and the report from the Organization of the Petroleum Exporting Countries also showed the group undershot a pledged oil-output rise in January under its pact with allies.

In the report, OPEC said it expected world oil demand to rise by 4.15 million barrels per day (bpd) this year, unchanged from its forecast last month, following a steep rise of 5.7 million bpd in 2021.