OPEC releases its latest monthly report on the oil market
- Raises forecasts for world economic growth in 2021, 2022
- Sees global economy growing by 5.6% this year, up from 5.5% previously
- The bloc's oil output in July rose by 640k bpd to 26.66 mil bpd
- Saudi Arabia raised output by 547k bpd as voluntary cuts phase out
- OPEC still expects oil market to tighten in 2H 2022
This contrasts with the view from IEA earlier here, as OPEC brushes aside the risks associated with the delta variant. That said, one must think that with higher oil prices, there is a bit of a perverse incentive to paint a better outlook on their part.
Unless oil prices show further vulnerabilities to being hit by OPEC+ raising output and/or from delta variant concerns, the bloc may feel confident to stick with the current view.
