The Organization of the Petroleum Exporting Countries (OPEC) announced in its latest monthly report that it left the 2022 world oil demand growth forecast unchanged at 4.15 million barrels per day (bpd), as reported by Reuters.

Key takeaways

"OPEC sees upside potential in 2022 oil demand forecast due to strong economic recovery."

"OPEC keeps forecast for 2022 non-OPEC supply growth unchanged."

"OPEC boosts forecast of 2022 demand for its crude by 100,000 bpd."

"OPEC's oil output rose by 64,000 bpd in January to 27.98 million bpd, lagging pledged increase under OPEC+ deal."

"Saudi Arabia tells OPEC it boosted output by 123,000 bpd in January to 10.145 million bpd."

Market reaction

Crude oil prices showed no immediate reaction to this publication and the barrel of West Texas Intermediate was last seen posting small daily gains at $90.37.