In its first detailed estimates for 2022, the Organization of the Petroleum Exporting Countries (OPEC) said Thursday global crude demand would increase through next year as coronavirus vaccination efforts expand and consumption of travel fuel mounts.

In its closely watched Monthly Oil Market report, OPEC said demand next year would increase by 3.3 million b/d to average 99.9 million b/d. The cartel said demand this year would increase by 6.0 million b/d to average 96.6 million b/d, unchanged from its June assessment.

“Solid expectations exist for global economic growth in 2022,” OPEC researchers said. “These include improved containment of Covid-19, particularly in emerging and developing countries, which are forecast to spur oil demand to reach pre-pandemic levels in...