Global oil demand in 2022 is gathering pace to exceed pre-pandemic levels, the Organization of the Petroleum Exporting Countries (OPEC) said Monday.

GDP forecast

In its Monthly Oil Market Report, the cartel said the Covid-19 Delta variant put a crimp in forecasts for the second half of 2021. However, economic growth worldwide in 2021 and 2022 remains unchanged from an assessment in August. 

OPEC expects the global economy overall to grow at a rate of around 5.6% in 2021, with growth of 4.2% in 2022.

“Oil demand in 2022 is now projected to reach 100.8 million b/d, exceeding pre-pandemic levels,” the OPEC researchers said.

There are some warning signs, however. The forecast robust growth “continues to be challenged by uncertainties such as the spread of Covid-19 variants and pace...