Growth is estimated to increase to 4.2 million barrels per day, up from an earlier forecast of 3.28 million barrels per day, according to previous forecasts

OPEC+ raises oil demand forecast for 2022

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The "OPEC+" alliance of producers has raised its forecast for crude oil demand in 2022 as the oil alliance faces pressure from the US to try to increase production at a faster pace. These pressures stem from the country's stated goal of helping and supporting the global economy.

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OPEC+ sources say the coalition's experts revised their forecast for oil demand growth in 2022 to 4.2 million barrels per day from an earlier forecast of 3.28 million barrels per day. According to Reuters sources, "the coalition's focus remains on increasing oil production per month by 400,000 barrels per day, despite an upward revision of demand expectations".

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In this regard, oil prices have recovered after an industry report showed that US crude oil inventories plunged more than expected in recent days. This development has led oil prices to rise as a result of the impact of Hurricane Ida on US refineries.

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This price rise comes ahead of OPEC+ meetings where the group is expected to stick to a plan to add 400,000 barrels per day to the market every month until December. Ahead of the weekly report from the US Energy Information Administration, analysts in a Reuters poll expected inventories to fall by 3.1 million barrels, but pressure on US crude prices is expected to continue. 

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