Oil demand growth forecast for 2022 has been revised by OPEC+ to 4.2 million barrels per day (bpd) which earlier was 3.28 million bpd. The organization expects demand to grow to 5.95 million bpd in 2021. Earlier U.S. also put pressure to raise output given high hopes on global recovery.
Brent oil anticipated this news with the price increasing to 71.87 (+0.34%) while U.S. West Texas Intermediate (WTI) increased to 68.72 (+0.34%).
The OPEC+ member is expected to meet later tonight and is expected to increase the supply of oil.