Opec has kept its global oil demand growth projections for 2021-22 unchanged but it has lifted its forecast for supply on the back of rising Opec+ quotas. Opec’s latest Monthly Oil Market Report (MOMR) pegs this year’s demand at 96.6mn b/d, up by just under 6mn b/d from last year. It forecasts a further rise of 3.3mn b/d to 99.9mn b/d next year, with demand exceeding 100mn b/d in the second half of the year.
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