OPEC said on Thursday world oil demand might rise even more steeply this year as the global economy posts a strong recovery from the pandemic, a development that would underpin prices already at a seven-year high.
Tight oil supply has also given impetus to booming energy markets, and the report from the Organization of the Petroleum Exporting Countries also showed the group undershot a pledged oil-output rise in January under its pact with allies.
"As most world economies are expected to grow stronger, the near-term prospects for world oil demand are certainly on the bright side," OPEC said in a separate comment on 2022 demand. OPEC took an early view that the effect of the Omicron coronavirus variant would be mild, and the report said it has not had as negative an economic impact as previous COVID-19 waves.
OPEC+ has aimed to raise output by 400,000 bpd a month, with about 254,000 bpd of that due from 10 participating OPEC members, but production has increased by less than this as some producers struggle to pump more.Seven of the 13 OPEC members had a drop in output, among them Venezuela, Libya and Iraq.
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