Oil demand will increase by 3.1 million barrels per day bpd in 2022 and by 2.7 million bpd in 2023, unchanged from last month, the Organization of the Petroleum Exporting Countries said in a monthly report. The rise in 2023 will push it past 2019 levels for the first time since the pandemic.
The report also showed OPEC output rose by 618k bpd in August to 29.65 mbpd with Libyan outages ending.
Separately, Saudi Arabia said it boosted output by 236k bpd in August to 11.051mbpd.
Oil is having another strong day today and is at a session high as the rebound from last week's rout continues.
