Africa Business Radio

The Organisation of Petroleum Exporting Countries expanded its global oil demand forecast for 2022 by almost one million barrels per day to 100.83 million bpd. This was a 4.15 million bpd increase from the 2021 figure and a steep hike from the 3.28 million bpd growth projection it made last month.OPEC stated that vaccination rates had continued to rise, while the COVID-19 pandemic was expected to be better managed, with economic activities and mobility expected to return to pre-pandemic levels.The cartel further confirmed that though paltry compared to its pre-COVID production figure of nearly two million bpd, Nigeria was unable to meet its oil production quota for the month of August.