- Boosts forecast of 2022 demand for its crude by 100k bpd
- Oil output rose by 64k bpd in January to 27.98 mil bpd
- That lags the pledged increase amount under OPEC+ deal
- Sees 'upside potential' to oil demand forecast this year due to strong economic recovery
The report also highlights that tighter supply conditions have also contributed to the recent oil rally. Some commentary:
"Upside potential to the forecast prevails, based on an ongoing observed strong economic recovery with the GDP already reaching pre-pandemic levels. As most world economies are expected to grow stronger, the near-term prospects for world oil demand are certainly on the bright side."
