OPEC sticks to oil demand view despite virus, sees more US shale coming

LONDON (Reuters) -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 monthly report also raised its forecast of supply from rivals, including U.S. shale producers, next year, a potential headwind for the efforts of the group and allies to balance the market.

“The global economy continues to recover,” OPEC said in the report. “However, numerous challenges remain that could easily dampen this momentum. In particular, COVID-19-related developments will need close monitoring.”