In its monthly report published on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) announced that it left the 2021 and 2022 world oil demand growth forecasts unchanged despite concerns over Delta variant weighing on energy demand. OPEC currently expects the global demand to rise by 6.6%, or 5.95 million barrels, in 2021, as reported by Reuters

Additional takeaways

"Refined product prices in the second half of 2021 are likely to continue benefiting from a seasonal strength in transport fuels."

"OPEC raises forecasts for world economic growth in 2021, 2022."

"OPEC's oil output rose by 640,000 barrels per day (bpd) in July to 26.66 million bpd."

"Saudi Arabia raised output by 547,000 bpd in July to 9.474 million bpd as voluntary cut phased out."

Market reaction

Crude oil prices showed no immediate reaction to this report and the barrel of West Texas Intermediate was last seen losing 0.4% on the day at $69.10.

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