Link here to Tsvetana Paraskova.
This article is exactly in line with what the "tea leaves" are telling me.
This is huge.
One can argue "it's just talk," but for those following global events the past two years, this article seems to fall right in
line.
From the linked article;
The surge of the Delta variant around the globe is set to partially delay oil demand recovery into the next year when robust economic growth and stronger recovery in fuel consumption will see global oil demand averaging 100.8 million barrels per day and exceeding pre-COVID levels, OPEC said on Monday [September 13, 2021], raising its 2022 demand forecast by a shocking 900,000 bpd.
Next year, oil demand worldwide is now expected to jump by around 4.2 million bpd compared to 2021, an upward revision of 900,000 bpd compared to last month’s assessment, OPEC said in its closely-watched Monthly Oil Market Report (MOMR) today.
This year, total global oil demand remains unchanged at 96.7 million bpd for the whole of 2021. But the fourth-quarter demand was revised slightly down, by 110,000 bpd from the August estimate of 99.82 million bpd to 99.7 million bpd now, OPEC said in its September report.
“Oil demand in 3Q21 has proved to be resilient, supported by rising mobility and traveling activities, particularly in the OECD. At the same time, the increased risk of COVID-19 cases primarily fuelled by the Delta variant is clouding oil demand prospects going into the final quarter of the year, resulting in downward adjustments to 4Q21 estimates,” the cartel noted. Demand for 2022 was revised up by 300,000 bpd for OECD and by 600,000 bpd for non-OECD countries compared to last month’s outlook.
Last week, reports emerged that OPEC could cut its 2022 demand forecast, but the organization now says it believes that the Q4 2021 weakness in demand would only delay the recovery to next year.
900,000 bbls/day is very, very close to a cool one-million bbls.