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InvestmentsOPEC says high energy prices to dampen Q4 demand By Reuters

OPEC says high energy prices to dampen Q4 demand By Reuters

© Reuters. FILE PHOTO: A 3D-printed oil pump jack is seen in entrance of displayed OPEC emblem on this illustration image, April 14, 2020. REUTERS/Dado Ruvic/File Photo

LONDON (Reuters) – OPEC on Thursday minimize its world oil demand forecast for the final quarter of 2021 due to high energy prices, though the group caught to its prediction of sturdy development to above pre-pandemic charges in 2022.

The Organization of the Petroleum Exporting Countries (OPEC) stated in a month-to-month report it expects oil demand to common 99.49 million barrels per day (bpd) within the fourth quarter of 2021, down 330,000 bpd from final month’s forecast.

Oil prices have surged this yr to a three-year high above$86 a barrel as OPEC and its allies, referred to as OPEC+, step by step ramp up provides and as demand recovers from the pandemic. and coal prices have additionally soared.

OPEC additionally stated it expects world oil demand development of 4.15 million bpd subsequent yr, unchanged from final month, which can push world consumption above 2019 ranges.

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