The Organization of Petroleum Exporting Countries says world oil demand prospects going into the last quarter of 2021 is being clouded by increased risk of the COVID-19 Delta variant. OPEC made this known in its Oil Market Report for September 2021 which was obtained by the News Agency of Nigeria 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. “At the same time, the increased risk of COVID-19 cases primarily fueled 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.”
Source: https://sweetcrudereports.com/covid-19-clouding-world-oil-demand-prospects-opec/