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 said in a monthly report it expects demand to rise by 5.95 million barrels per day (bpd) this year, or 6.6%, unchanged from last month's forecast.
"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."
OPEC's confidence that demand will shrug off the latest setback caused by the pandemic contrasts with that of the International Energy Agency, which trimmed its outlook on Thursday.
In 2022, fuel use will expand by 3.28 million bpd, OPEC said, a forecast also unchanged from last month.
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