Tuesday, September 28, 2021

COVID-19 Delta variant, draw-back to world oil demand prospects – OPEC

Must read

- Advertisement -

The Organisation of Petroleum Exporting Countries, OPEC, says world oil demand prospects going into the last quarter of 2021 is being clouded by an increased risk of the COVID-19 Delta variant.

OPEC made this known in its Oil Market Report for September 2021 which was obtained by newsmen on Monday in Lagos.

The report said that world oil demand growth in 2021 remained unchanged from the August assessment, showing growth of 6.0 million barrels per day despite some offsetting revisions.

It said : “Oil demand in the Third Quarter of 2021 (3Q21) has proved to be resilient, supported by rising mobility and travelling activities, particularly in the Organisation for Economic Cooperation and Development (OECD).

READ ALSO:   Nigerian fire service solicits NEMA’s support in disaster response
READ ALSO:   Kano school resumption date remains January 18 -- Commissioner

“At the same time, the increased risk of COVID-19 cases primarily fuelled by the Delta variant is clouding oil demand prospects going into the final quarter of the year, resulting in downward adjustments to 4Q21 estimates.

”As a result, second half of 2021 oil demand has been adjusted slightly lower, partially delaying the oil demand recovery into the first half of 2022.”

According to the report, global oil demand in 2021 is now estimated to average 96.7 million barrels per day.

It added that in 2022, oil demand is expected to robustly grow by around 4.2 million barrels per day some 0.9 mb/d higher compared to last months assessment.

READ ALSO:   2021 UTME: JAMB delists 25 CBT centres [FULL LIST]
READ ALSO:   South Africa loses 375 mine workers to COVID-19

“Revisions were driven by both the OECD and non-OECD, as the recovery in various fuels is expected to be stronger than anticipated and further supported by a steady economic outlook in all regions.

“Oil demand in 2022 is now projected to reach 100.8 mb/d, exceeding pre-pandemic levels,” the report said.


- Advertisement -

More articles


Please enter your comment!
Please enter your name here
READ ALSO:   Police Brutality: Buhari welcomes establishment of Judicial Panel of Inquiry by 13 states

- Advertisement -

Latest article

- Advertisement -