OPEC+ will need to boost output to meet 2022 demand recovery -IEA By Reuters – Investing.com

SourceInvesting.com
SectorOil & Gas
CountryGulf

© Reuters. FILE PHOTO: The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo

By Noah Browning

LONDON (Reuters) – OPEC+ oil producers will need to boost their output in order to meet demand set to recover to pre-pandemic levels by the end of 2022, the International Energy Agency said on Friday.

“OPEC+ needs to open the taps to keep the world oil markets adequately supplied,” the Paris-based energy watchdog said, adding that rising demand and countries’ short-term policies were at odds with the IEA’s call to end new oil, gas and coal funding in a stark report issued last month.

“In 2022 there is scope for the 24-member OPEC+ group, led by Saudi Arabia and Russia, to ramp up crude supply by 1.4 million barrels per day (bpd) above its July 2021-March 2022 target,” it said in its monthly oil report.

The IEA shocked...read more...