<p>OPEC wil likely revise down its 2022 oil demand growth forecast on Monday, two OPEC+ sources said, as the spread of the Delta coronavirus variant puts the speed of a recovery in fuel use in doubt.</p>.<p>On Sept. 1, separate sources said the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, increased its 2022 oil demand forecast to 4.2 million barrels per day (bpd) from 3.28 million bpd previously.</p>.<p>The new figure was seen as optimistic by some in the group, likely prompting revisions, the two OPEC+ sources said. OPEC is scheduled to make its latest supply and demand forecasts public in a report on Monday.</p>.<p>"OPEC may review the figures again for the upcoming monthly report," one of the sources said, declining to be named.</p>.<p>Governments, companies and traders are closely monitoring the speed that oil demand recovers after crashing in 2020. A slower return could weigh on prices and bolster the view that the impact of pandemic may affect consumption patterns for longer or permanently.</p>.<p>"Recent forecasts for oil demand are looking softer," said Stephen Brennock of broker PVM in a report. "Growth for the near- to medium-term outlook is being progressively downgraded due to the resurgence of Covid-19, particularly in Asia."</p>.<p>Brennock cited figures from the US government's forecaster, the Energy Information Administration, which said in its latest outlook on Sept. 8 oil demand would surpass 100 million bpd in the second quarter of 2022.</p>.<p>A month earlier, the EIA expected that milestone to be reached in the fourth quarter of 2021.</p>.<p>OPEC currently has the highest demand growth figures among the three main oil forecasting agencies - itself, the EIA and the International Energy Agency, an adviser to consuming nations which issues its latest monthly report on Tuesday.</p>.<p>In 2021, OPEC expects oil demand to rise by 5.95 million bpd, higher than the IEA figure of 5.3 million bpd and the EIA forecast of 5 million bpd.</p>.<p>For OPEC's 2021 oil demand growth forecast to be met, world oil demand needs to average 99.82 million bpd in the fourth quarter – almost 1 million bpd higher than the IEA's fourth-quarter projection.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>OPEC wil likely revise down its 2022 oil demand growth forecast on Monday, two OPEC+ sources said, as the spread of the Delta coronavirus variant puts the speed of a recovery in fuel use in doubt.</p>.<p>On Sept. 1, separate sources said the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, increased its 2022 oil demand forecast to 4.2 million barrels per day (bpd) from 3.28 million bpd previously.</p>.<p>The new figure was seen as optimistic by some in the group, likely prompting revisions, the two OPEC+ sources said. OPEC is scheduled to make its latest supply and demand forecasts public in a report on Monday.</p>.<p>"OPEC may review the figures again for the upcoming monthly report," one of the sources said, declining to be named.</p>.<p>Governments, companies and traders are closely monitoring the speed that oil demand recovers after crashing in 2020. A slower return could weigh on prices and bolster the view that the impact of pandemic may affect consumption patterns for longer or permanently.</p>.<p>"Recent forecasts for oil demand are looking softer," said Stephen Brennock of broker PVM in a report. "Growth for the near- to medium-term outlook is being progressively downgraded due to the resurgence of Covid-19, particularly in Asia."</p>.<p>Brennock cited figures from the US government's forecaster, the Energy Information Administration, which said in its latest outlook on Sept. 8 oil demand would surpass 100 million bpd in the second quarter of 2022.</p>.<p>A month earlier, the EIA expected that milestone to be reached in the fourth quarter of 2021.</p>.<p>OPEC currently has the highest demand growth figures among the three main oil forecasting agencies - itself, the EIA and the International Energy Agency, an adviser to consuming nations which issues its latest monthly report on Tuesday.</p>.<p>In 2021, OPEC expects oil demand to rise by 5.95 million bpd, higher than the IEA figure of 5.3 million bpd and the EIA forecast of 5 million bpd.</p>.<p>For OPEC's 2021 oil demand growth forecast to be met, world oil demand needs to average 99.82 million bpd in the fourth quarter – almost 1 million bpd higher than the IEA's fourth-quarter projection.</p>.<p><strong>Watch latest videos by DH here:</strong></p>