OPEC+ cuts 2022 oil demand growth forecast slightly to 5.7M bpd – Reuters

Market news

29 October 2021

OPEC+ cuts 2022 oil demand growth forecast slightly to 5.7M bpd – Reuters

The Joint Technical Committee (JTC) of OPEC and its allies (OPEC+) cut 2022 oil demand growth outlook slightly to 5.7 million barrels per day (bpd), Reuters reports, citing sources familiar with the matter.

The sources added that the committee left their 2021 oil demand growth forecast steady at 4.2 million bpd.

Market reaction

WTI is little affected by above the report, keeping its range just below $83 so far this Friday.

China: Non-Manufacturing PMI, October 52.4

Japan: Construction Orders, y/y, September 27.3%

Market Focus

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