Economic Growth Forecast, in place, to Remain Unchanged -OPEC Reaffirms

What does OPEC’s forecast for the fourth quarter look like?

Only hours, before the weekend, OPEC (Proper with is 13 member-states) lowered its forecast for global demand, in the fourth quarter by 330,000 barrels per day, from last month’s forecast, as higher energy prices impeded the course of economic recovery, in progress, following the pandemic.

On the other hand, OPEC and its allies led by Russia, known as (OPEC+) agreed last week to stick to plans, to gradually increase production by 400,000 barrels per day, each month.

OPEC+, a group of producers-cum-exporters, led by Saudi Arabia and Russia,  countries, have, one way or another, have ignored, not to say outright rejected US pleas to override a previous plan, to raise oil production by 400,000 barrels per day from December.

The US administration has ways to deal with rising oil prices after OPEC and its allies (OPEC +) rejected US appeals to producers to pump more crude, into the world markets, President Joe Biden is quoted to say.

Among such ways is to draw quantities from the US strategic stockpiles, and pump them into the world market, for a while, especially is the winter-time, ahead, becoming severely harsh.

US lifting of travel restrictions and more indications of a global recovery after the pandemic, boosted demand expectations, while supply remained tight.