OPEC sticks to oil demand view despite virus, sees more U.S. shale coming | Reuters
OPEC on Thursday stuck to its prediction of a strong recovery in world oil demand in 2021 and further growth next year, despite concerns about the spread of the Delta coronavirus variant that has weighed on prices.
The Organization of the Petroleum Exporting Countries in a monthly report also raised its forecast of supply from rivals, including U.S. shale producers, next year, a potential headwind for the efforts of the group and allies to balance the market.
"The global economy continues to recover," OPEC said in the report. "However, numerous challenges remain that could easily dampen this momentum. In particular, COVID-19-related developments will need close monitoring."
OPEC's view that demand will shrug off the latest pandemic-related setback contrasts with that of the International Energy Agency, which trimmed its outlook on Thursday. read more The U.S. government's forecaster also kept its 2021 growth forecast steady, but trimmed that for 2022.
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