Opec expects Delta variant to delay oil demand growth

LONDON: The Organisation of the Petroleum Exporting Countries (Opec) on Monday trimmed its world oil demand forecast for the last quarter of 2021 due to the Delta coronavirus variant, saying a further recovery would be delayed until next year when consumption will exceed pre-pandemic rates.
The Opec said in a monthly report it expects oil demand to average 99.70 million barrels per day (bpd) in the fourth quarter of 2021, down 110,000 bpd from last month’s forecast.
“The increased risk of Covid-19 cases primarily fueled by the Delta variant is clouding oil demand prospects going into the final quarter of the year,” OPEC said in the report.
“As a result, second-half 2021 oil demand has been adjusted slightly lower, partially delaying the oil demand recovery into first-half 2022.”
Governments, companies and traders are closely monitoring the speed that oil demand recovers from last…

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