OPEC Increases 2022 Global Oil Demand Forecast By 1Million Barrels Per Day

The Organisation of Petroleum Exporting Countries expanded its global oil demand forecast for 2022 by almost one million barrels per day to 100.83 million bpd. <br />This was a 4.15 million bpd increase from the 2021 figure and a steep hike from the 3.28 million bpd growth projection it made last month.<br />OPEC stated that vaccination rates had continued to rise, while the COVID-19 pandemic was expected to be better managed, with economic activities and mobility expected to return to pre-pandemic levels.<br />The cartel further confirmed that though paltry compared to its pre-COVID production figure of nearly two million bpd, Nigeria was unable to meet its oil production quota for the month of August.